The sun., 1912-08-04

tCAotuB 'OppcT iuVcJCoN CVubio0tu kuV
increase in stocks abroad Of little impor-
tance He sums up the foreign situation
as follows: The small increase In foreign
copper stocks on hand August 10 TN
important as they arc still abnormslly low.
lower In fact than they have been since
1907. and they are out Of proportion 70 the
turnover. The relative prices Of spot and
three months copper are also abnormal.
There should be about fifteen shillngs differ
ence to cover the cost Of carving the metal
three months.
The old bears have been covering nearby
dates and the new beam are selling three
months. accounting for the email oontanso.
Tho consumption Of copper 10 excellent.
European manufacturers are not ~ we'll
covered a. American and will have TO buy
soon. Domestic buyers are pretty Will
covered through September. The hlling
in orders have about cleaned up the second
hand metal and business should be coming
to the larger agencies soon.
They are down to hard pan in Europe.
more so than here. as they have to buy
further ahead abroad. There has been .
waiting market for about six weeks. but IL
look for q demand from Europe hrst IL
because consumers abroad are further
away from the market"
July was the first month since March.
1910. to show an increase In the foreign
visible supply OF copper from the amount
on hand in the preceding month. While
July presents Q change In the European
statistical position. the increase Of oaly
:. 400. 100 pounds should not affect the situa-
tion seriously.
However. In spite OF July's increase. . ne,
falling OF OF 1863 ESQ. .es0 pounds since March
!, 1910. from the :3<. .i39GOO pounds ON hand
on that date 10 shown.
copper exports during July totalied :s.5Si
tons as compared with 1885 tons for July.
1911. The total exports in tons since January
! wus zoo. Geo. as compared with $50. .5Os tons
for the yesr 1911 and 30i 800 for 1910. For
the first seven months Of the last two years
the exports ~ere len. SOC for 1911 and i'O. .Ost
tons for the period In 1910. Hence even
though there vas q falling on in July. the
1919 exports should make a new record.
A renewal Of export business on larger
scale Ia looked for by the ssllns interests
also an increase In domestic consumption
e onditions in this country point to a very
strong situation. while they arc shown "a
bs equally strons by the report Of Henry X,
Merton Co OF London. who say:
sWhie the demand from consumers ID
still OF = rather csut ious character conf
hdence Ia now steadily return ing 10 the
trade, IL being rcco gnixed that the recent
scare which frightened speculatore into
reslizat ions was unwarrsnted and that the
position OF producers 10 unaSsailabls under
| the prevailing conditions. The cheap par
GELS Of refined copper which were offered
by dealers In Europe are gradually disap-
pesring. 80 that values are getting much
stronger and Al soon a. the trade demand.
which Ia now almost due. sets In seriously
Ne may experience q rather aharp rise and
producers vii, again be In full control OF
the market at their own prices. In America.
where some small lines OF electrolytic cop
per changed hands a. A. low as ls'. cents.
tho QuotatIo has already advanced 70 ~
but oil the large producers are holding out
for i'..c."
While prices in London were weak early
last week they recovered on Thursday and
Friday and Fridays closing abroad found
spot aud futures vt E'a Is. and GSS rs.
respectively for standard copper warrants
The greater recovery OF futures 10 aiS-
nihcant. a. spot and futures had been selling
On u parity for soma time.
The Copper Producers Association will
meet this week and publish the statistics
for American copper exports. domestic
deliveries. production and stocks on hand
August l. 4 further decrease In stocks IA
looked for even though exports have been
smaller. Domestic deliveries were about
equal to those Of June. II is thought. while
production was curtailed somewhat because
OF the hot weather. especially early In July.
when several reflneries slackened their op-
erations.
The average price received for copper.
according to the Engineering and Mining
Journal. in July Vas i7.is cents q pound
for electrolytic. a compared with i7,2sl
cente q pound In June and 1889 cents .
pound for lake copper. - compared with
i7.%<3 cents 10 June.