Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-04-28
AN INCREASE
IN THE SUPPLY
Copper Market Easier and the
Prices Downward.
TRADE IS VERY HEAVY
Revenue and Northumberland Boy
Shipments-Recent Mining De-
cisi0ns of Interest.
IS VERY HEAVY

the 18th instant, which showed that a
large increase had occurred discouraged
and turned prices in a downward
direction. ..tl
During the past week the London mar
ket appeared to be guided by a strong
hand. Nothing occurred that could be
termed a break in prices. Quotations de-
clined slowly by small fractions. and the
net loss of the week was Ell is I'd in spot
and 81 los in futures. The s%teadiness of
the decline suggested that a trap was
being set to call in and catch shorts.
In New York the bids of IT'S and IN
cents were Withdrawn and II cents was
the best bid for lake at the close OF the
week. Advices indicated a marked fall
ing off in business. compared with the
week previous. Consumers were i'm
pressed that the market had turned and
that it was, therefore, time to wait for
lower prices.
The increase in the visible supply of
copper was not sufficiently large to a
rant any apprehension as to the course
of the market in the immediate future.
Of course much depends on the present
supplies in the hands of the trade. If
the trade has recently taken on large
stocks and is in a position to
from the market for a month or two, as
it did when the price of lake broke from
IS to 1914 cents last fall, a further re-
action in price is inevitable at the pres
ent time. There is no question, however,
that the condition of the trade is very
healthy, and that large and continuous
consumption can be depended upon. The
question is wholly one of supplies. Too
much copper will reduce prices, and a
scant supply will cause an
Figures have recently been submitted
which show that the worlds annual pro-
duction of copper is 434. 1923 tons. All au-
thorities agree that cope has been con-
sumed faster than it has been PRODUCED
for two years past, n that the total
supplies in existence are therefore much
smaller thar they were in 1897 and 1898.
Assuming, however. that the metal is
consumed as rapidly as it is produced,
the daily consumption must be about
1,19O tons. The increase of 2.Ol0 tons in
the visible supplies that occurred during
! the first Is days Of this month was not
enough to- satisfy the consuming demand
for two days. The 26.642 tons, which
London calls the total visible supply,
would feed the cauldron Of the nlanufac-
turer only 221a days.
The visible supplies mentioned, usu-
ally mean the copper in England and
afloat thereto from the various ports OF
the world. Exports Of copper from this
country during the first three and a half
months of this year have broken all
previous records. In the time men,
toned. about 81. 500 tons have been ex-
ported, or approximately, 5S5 tons daily.
with SO large a business as this, 1t
would certainly not be remarkable II
q variation of 2,01O tons should occur,
even if there were no diminution in the
current demand. Shippers know that 1T
is oftentimeS difficult to start a Sh1plOad
Of merchandise within a week of the APP
pointed time; and in view of the fact
thai 2,O10 tons represents the average of
only 315 days shipments from this coun-
try alone, the increase pales into an ex-
tremely weak argument for lower prices.
Under date of April q, a New York
dispatch says:
Copper movements, though free from
excitement, are characterized by the
steady and uninterrupted flow of the
cupreous metal from producer to con-
sumner in large volume. Market condi-
tions reflect a substantially oun posi-
ton, and although the degree of activity
may not measure up to that of a boom
period, it would be we'll to differentiate
between a comparatively quiet market
and a stagnant one. When it is remem-
bered hat copper is sold in large blocks
and that consumers make contracts fol
months ahead, the metal once sold is
practically disposed of, although the min
ing companies may be occupied from 81
to 80 days, or even longer, in completing
the fulfllment of their contracts. In the
meantime the offerings of sellers and the
placing of orders by purchasers may be
greatly reduced in magnitude for the
simple reason that the respective sale.
and purchases have accomplished thu
disposal of SO much of the coppel
product, SO that similar transactions ar,
} impossible until the producer is pre-
pared to sell again and the consumer
exhausted stocks compel him to procur
fresh supplies. It is therefore a fac tina
a quiet market does not necessarily meal
, any diminution in the consumption of tn,
. metal.
/ Notwithstanding the tone of the mar
ket may not be on the aggressive orde
AXE sellers under II cents are not visibl
: so far as known, and there Is consider
able optimistic sentiment for the futur
. of copper. The market has been mate
:. rally helped by the enormous exports
In fact, the continuous heavy foreigl
: demand has turned out to be a mos
powerful factor in making the marke
what it is. This country has sent to Eu
I rope since January / something like 1913.
OOO, 900 pounds of copper, according t
: official returns. Until recently the pre-
! else situation regarding copper was bet
I ter understood in this country thar i
> Europe, but lately foreign consumer
{ have been getting their eyes opened, an
. less opposition to the course of the mar
. ket is the result. London operators ar
: said to have adopted a new course b
acting on the bull tack and with an ex
. cellent foreign consumption Europea
demand is expected to keep up its pOten
influence in the copper market. Whethe
copper shares boom or not the mimi
companies are rolling up wealth surel