The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-04-22
OUTLOOK FOR COPPER.
Engineering and Mining Journal Is In
clined to Brighter Side.

Although the copper market is un"
settled. and the future is uncertain, the
facts as to the present situation are
clear enough. The situation is decided
ly reminiscent of January and February.
1906. although there are important dil-
ferences. History never repeats Itself
precisely. says the Engineering and and Min.
price for electrolytic copper had risen
as high as 1ec per pound. In January
1906, there was a slackening In the de-
mand and a recession In the price,
which at first was conceded by the
largest selling interests. but when the
price reached is 5-16c, these interests
withdrew from the market. and held
thirty days. In the meanwhile outside
interests continued TO sell copper. and
the price declined to about lIg@l9sc,
AsGns the sn end 5 aG1e waS
the price for copper rose quickly to
the asking price OF the large interests
which had been holding aloof. They had
correctly interpreted the situation, and
by their hrmness had prevented any
large decline in the market
The similarity in the present situation
25sc, for some lots, the highest daily
average being 25ac. There was then a
recession. which at first was admitted
by every one. but after while. the
in 1906. decided 10 make stand at Zoe.
(25ic delivered. thirty days.. In the
meanwhile. other interests have offered
copper much lower, and sales have been
made between 2ic and csc. although their
volume has not been large. The recess
sion has been due. OF course TO the alb
sence of buyers from the market. IT is
true that they have largely provided for
their consumption up TO the end of June.
but il is equally true that for many
months past they have been buying a
long way ahead, and their present ces-
sation must have a cause. Unquestion-
ably the cause has been partly the tre-
mendous decline in the London market
for standard copper irrespective as to
what may have been the causes Tor that
decline.
The chief copper market of the world
is in New York. but New York is not
absolutely independent of London under
price at London cannot remain on the
basis of zoe for standard, and level Of
2ic TO 25c be maintained at New York,
because at such disparity American re
finers car buy standard in London. i'm
port it into the United States for rcfin
Ing and sell cheaper than our current
quotation, If the decline at London be
consumption will quickly elevate the
price again. IT is the fact that such has
not yot occurred. which causes American
ground for caution is possibly a falling
OF In the demand for manufactured cop
per. as 10 which. however, there is great
difference In opinion. II is the latter
future. If there be no falling of in bust
ness the demand for consumption, AS
soon as confidence is restored Will put
prices back 10 where they were a month
ago.
n on tho other hand. there Is being
actually n contraction in business, the
asking price OF 25c per pound cannot
long be maintained. II is therefore Il
question now. as II was in the carly
part OF 1906. as to who liz correctly In
tcrprcting the prospects of business In
general /, is not too optimistic TO say
that the outlook is in no way gloomy.
II there is 10 be a contraction in bust
ness. IT appears unlikely to be of serious
character.