Bisbee daily review., 1905-04-11
COPPER SITUATION
Market Little Easier-Some Large
 Sales for Future Delivery.

According to Walkers weekly cop- per letter, the tone of the copper mar ket is a shade easier at the moment. Lake is said to be obtainable at 15 3-S cents and electroiytic at Is If cents per pound. This condition is believed 10 be wholly due, however, to the slight hesitation in business circles occasioned by the reaction in business circles occasioned by the reaction in stock market prices. Consumers are refusing 10 buy any more copper at these prices than their actual imme diate needs demand. and a few small pgoducers have recently shown in- dications of nervousness and offered copper for future delivery an eigth of cent below what have been the gc- ing prices.
 II is understood that there have been some very large sales or copper recently for delivery two to four months ahead at full prices. Some of this has been for export and the re- mainder for home consumption.
 The fact that exports of copper so far this year have not held quite up to last years average is causing pes simistic talk in some quarters AS nearly as can be ascertained the fall ing off in exports has approximated a per cent; and foreign statisticians are talking of 25 per cent decline in apparent" British, French and Ger man consumption. A careful investi- gaticn makes it. plain that the falling off is more apparent than real.
 |. <1,r rt,,er ff,c nrlr months of last year were greatly en- couraged by the fact that copper was then obtainable for f2 to 13 cents per pound. European consumers saw in oications of coming business revival, and also the probability of an out break of hostility between Russia and Japan. The situation was such that shrewd European business men were convinced that copper prices could not possibly go any lower, and they bought and added to their private stocks until prices advanced. At the time mentioned there were some ac- cumulated stocks of copper in the hands of producers and spectators, and it was those stocks that made possible the heavy shipments of the first half of 1904.
 The mistake of the European sta tisticians at present in their assump- ton that the copper bought by Eng fish, French and German consumers early last year actually went into con sumption at the time of shipment h. stead of this. however, empty bins were being filled and provision made for an improvement in business condi- tions that was then only beginning. T. is therefore probable that European imports of copper in that period great " exceeded the then current consump- ton. as bins are being emptied, the supply of old metal has increased as result of the higher prices and, wherever possible, the low grade mines of foreign countries are tenn porarily increasing their production.
 Foreign trade authorities declare that engineering and electrical trades continue active both in Great Britian and in Europe. It seems that con- siderable portion of the copper recent Y shipped to China was for coinage purposes. It is cohpetent opinion that whether or not the Russian-Japanese war terminates. Russia has an inter nal war on it's hands that will likely last and consume copper for years to come. All indications are that the foreign demand for copper will con tinue strong. therefore, notwithstand jnzthe high level of prices.
 In the United States business is much more active than it was veal .so. IL is estimated that the domes tic consumption of copper has beer 10 per cent to 25 per cent heavier 1T the first quarter of this year than last Copper producers are said to be al soid well ahead. not little of th' metal contracted for delivery still re
 naining undisturbed in the mines. Al tbereare no surplus supplies to drav e from. and home consumption is 8 much increased, therefore, it woui' he impossible to maintain last year nhenomenaI export record. We sin ply haven't the copper to ship.
 Copper producers are still workin with consumers to prevent furthe advance in metal prices, knowing tha he ultimate influence of norma price level is always bad. AS the ma