Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-08-10
CONDITION OF
COPPER MARKET.
Notwithstanding the Increased
Production of Metal Surplus
Stocks are Low
WHAT MONTHLY PRODUCTION IS
Tremendous Demaad Has Exceeded
Output of Copper 10 This County
Exports viii be Reduced.

Notwithstanding the fact that in the
refined copper industries the high prices
prevailing have stimulated production
in the United states British columbia
and Mexico so that the output Is the
greatest In the history Of the Industry
surplus stocks In the hands Of producers
have been materially reduced since the
first Of January
The commercial position, as we'll as
the statistical facts. has enabled both
first and second hands to realize high
err prices for all kinds OF metal for al
most any delivery, and the prospect
seems 10 be according 10 the New
York Journal Of Commerce and Com
merce and Commercial Bulletin, that
even higher prices VIII prevail within
the next few Weeks-at least 1879 cents
cash New York for clectrolytc and
possibly more.
II Is estimated that the production
OF United States copper mines nj the
present time ranges from $4,000 to $4,000
gross tons per month, the average be-
ing about $4,000 tons which indicates
an increase OF 10 per cent as compared
with 1904 output Returns from the
principal producing states including
Montana, Arizona, Michigan, Utah and
California. substeutIate these estimates.
and there has probably been an In
crease Of output IN the minor producing
states. In round figures. production
is now proceeding at the rate OF $780,,
100000 pounds annually,
The tremendQu Gus development I'm cleo
trical industry In the United States
during the last seven months, however
~
smelling of copper There has also
been eXpanslon In other industries, es-
pecially In brass foundrles. so that II is
estimated that we are now consuming
IN this country al the rate of $4,000. 900
pounds per month. or EASEL gross tons.
Official returns have shown that we
have exported an average Of q .63i gross
tons per month, or a total domestic and
foreign consumption Of 1886 tons
monthly. In other words. We have con-
sumed about 1000 tons per month more
than We have produced including Inn
ports. thus far this year. This indi-
Gates that surplus stocks since the first
Of the year have been drawn upon to
the extent Of $4,000 tons. In addition,
the largest producers have disposed Of
10000 tons 10 second hands. so that. so
far as producers are concerned, stocks
have been reduced about % 200 tons.
The surplus Is wen distributed. so that
very little copper is IN possession Of
any one company and Il Is necessary
Tor copper companies. just as it is for
banks TO keep a reserve TO meet con-
tingeUcies.
Il Is claimed that from now on ex-
rorts VIII be reduced because OF the
heavy contracts placed by domestic
consumers. but much viii depend upon
the amount Of copper In the hands OF
dealers ana spectators.
The most important development.
among unusual events in July. has
been the sudden change I'm the attitude
Of domestic consumers. Instead OF con-
lining purchases to hand to mouth
basis, az was the case In May and part
OF June, they contracted heavily for the
next three months, even going beyond
their former practise of purchasing for
90 days In advance OF their require
ments. II Is estimated therefore that
fully $4,000 tons OF copper have been
purchased by American meters alone
during July, and, as has been previous
~ noted, there has been some import
ant buying for shipment during the
last quarter of tho year