Daily inter mountain., 1900-01-13

the close of last year continued to pour
~ ana played prominent part during
the hrst few weeks of the new year. The
quotatlon Tor lake copper rose from 49, rs
70 1oc, ana there were talks of COM
binat'on of some of the largest copper
producing companies in America, which.
however. received compare lively little
cIedence at this stage. The real strength
OF the market lay in the enormous con-
sumptive demand, which was coupled
with an ever growing scarcity of metal,
especially refined sorts, and a great wave
OF speculatlons led on by the Americans.
statistics published early in the year
showed the worlds supply of copper dur
ing 1898 as 424,126 tons, being an in
crease of over $4,000 tons on the previ-
GUS year, but the stocks We're rapidly
diminishing and at the end of the first
fortnight there was already decrease
in the visible supply of 1918 tons.
The turnover in the London market
was enormous, being no less than 50 1000
tons for the month of January. The
speculative element was very strong,
business exceedingly lively, and options
We're freely dealt in. The price Of stand
ard copper at the opening was EST IFS.
Cd. cash and G5S 5s three months. but
large purchases drove up the market
steadily and in spite of some temporary
reactions brought about by realizations.
gain of &5 was recorded by the goth.
A prominent feature toward the close Of
the month was the covering of old bear
sales, falling due in February, which
produced scarcity of cash copper and
established temporary backwardation,
. The closing figures were $50 16s. 3d.
cash and $50 15s. three months-a re-
nlarkable advance on the opening figures
India and the east began by sending
good inquiries and orders for yellow met
al and copper sheets, but the high prices
had the effect Of practically stopping
these.
February brought no abatement in the
excitement. The high prices drew out
some large selling orders which caused
! heavy fluctuations but did not stem the
upward current, which received new
. impetus from further excited purchases
When the high figure of ETA los. cash
had been reached. however, the market
became top-heavy and collapsed about
ga. but quickly recovered to e7s, every
decline at this time offering new tempta-
tion to buyers. The ultimate effect of
such heavy fluctuations, however, was
unsettling and business became less ac-
tive, the month closing at 1s71 lbs. cash
and E71 lis. Sd. forward.
| About this time efforts were being made
to Increase the production of copper, and
makers of mining and engineering plants
were reported to be extremely busy, but
1T was long before the effect of these
i
i came quieter and manufacturers were
Withholding orders on account of the high
prices. America was an eager buyer and
, even repurchased good quantities pre-
viously sold to Europe.
In the beginning of March the total
visible supply of copper was the lowest
on record. 24,S26 tons, having decreased
I further by 1,50O tons during the latter
half Of February. The fluctuations in
prices continued and were remarkably
sharp compared with the extent of the
turnover, by covering on the one hand
and large profit taking on the other MAX
, Ing .the market very sensitive; E72 for
three months and Er2 8s 3D. cash were
the opening figures. Dut they were not
maintained, and the downward tendency
in the stocks of 4.171 tons for the month.
/ When G66 Is. 3d. had been touched there
was sudden rush of buying orders,
chiefly for American account, and as
! much as G3 was gained in a Single day,
the close being firm at $40 for cash and
was restricted. the high prices discour-
aging new orders. while the demand for
manufactured articles was practically
, nil.
Notwithstanding a further increase in
the visible supply of 2,614 tons for the
preceding fortnight, April opened with
still higher prices, the large purchases
by American operators being renewed
with great energy. The bears also began
to cover and prices rose from go los.
, to A72 IS. at the first session. After a
! temporary reaction, caused by the publi-
I cation of the Statistics new demand
set in and speculation became very ex-
cited. Some heavy buying of near dates
caused backwardation on forward
, copper which at one time reached SOs.
Bear covering continued on large scale,
as did also the strong buying on behalf
of the American clique, who We're fore
ing up the market. The intentions Of the
latter party were somewhat criticised,
and certain people, who doubtless had
in mind the French combination of 10
years earlier, predicted a heavy fall. But,
unlike the French party of 1889, this
American movement had enormous funds
behind it, and, what what was more i'm
portant, very good trade conditions. To-
ward the close of the month the record
| figure Of G7S for standard copper was
| reached, in an exceedingly lively market.
Rumors of an American combination of
producers were again rife and caused
considerable excitement in the copper
share market, though they lacked con-
! firmation.
May, however. brought the expected
confirmation of these rumors, and the for
| nation Of the Amalgamated Copper COM
pany of New Jersey. with a capital Of
$7o.OOO,OOO. was announced. 1t was said
that American holders then controlled
the whole available stock of standard
copper. Business became restricted and
prices fell off from EFT los to G75 TO-.
Three months copper was neglected and
sold as low as E2 under cash metal, but
this backwardation was soon reduced to
5s About this time American and Eng
! lish prices We're almost on a level, maxi
Ing possible some export business In
American eEectrolytic copper, but there
was little new speculative business and
the turnover was small. The prices
| ruling at the close were about G76 1Os
consumers began to cover their require.
ments. but they were by no means re-
conciled to the high level of prices and
bought only from hand to mouth. The
statistical position helped to keep down