White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1912-02-18
OUTLOOK
FOR THE COPPERS
COPPER SITUATION GREaihi
IMPROVED ACCORDING TO RE-
PORT OF COPPER PRODUCERS
ASSOCIATION.

The showing made by the Copper
Producers figures disclosed a very
strong situation and gave point TO
statements that have been made by
some of the largest producers, to the
effect. that they feared a runaway
copper market more than a weak one.
The stocks of the metal in the hands
of our refineries in the first of Febru-
airy amounted TO only 6~6 ,2sO,o4o
pounds. This compares with the
largest amount reported of 1S2,279,-
S52 pounds on the first of April 1909.
In other words, after three years OF
comparatively poor business in the
United States, our refineries ma
themselves with only about one
third the copper they started with.
The stocks in Europe, furthermore.
have not increased and are about the
the same as they were three years
ago.
The first Is months of the three
years period witnessed an increase
in stocks, the combined total for the
United States and Europe having in
creased during that period from 247,-
073.746 pounds on the first of jan
uary. 1909 to 401 .301.217 pounds on
the first of July. 1910. The second
half of the period has brought de-
of even larger amounts than
the gains during the first half. The
combined stocks being only ~lS1,2Sl,-
523 on the first of this month or less
than one-half what they were on the
first of July 1910. This showing
certainly spells prosperity for the
copper producers if statistics mean
anything at all.
II is safe TO assume that stocks of
copper in this country are about as
low as they can get. There have been
four successive monthly decreases in
American stocks and the last three
have averaged about 5000. 600
pounds. The probabilities are. how
ever. that the month of February will
bring another decrease as the pro-
ducers have their production sold for
that month and there will be more
or less demand for copper from con-
sumers who have not filled their
wants. On the other hand February
is a short month and that alone is
equivalent to a reduction of nearly
S.oo0. coo pounds in the output.
while aside from that. it has been a
very severe month 50 far as the
weather Is concerned.
The course of the metal market
viii depend on how much copper is
Vet TO be brought to fill February
and March requirements. but in view
Of the strength Of the statistical Pc
siiion. no concessions are to be look
ed for from the producers who have
been holding eleetrolytic at l4ie
cents and Lake higher. and il is
douhteful il the G~uggenheim inter.
ests viii continue 10 sell AZ Il cents.
So far as April wants are concerned
there has been little buying for that
month and some high prices are APT
10 be paid as selling agencies Ike tht
United Metals. Phelps-Dodge and IN,
Calumet 4 Heela. which can AFFAIR."
to wait. will NOT force metal for sal,
for April delivery fer some weeks a.
any rate.
The stocks q copper are nov =
small that a considerable inereas,
would be considered helpful 10 n.
best interests Of the industry rather
than harmful and this accounts 10
the increased production OF the Butt,
mines. The outlook for Upper. a,
We have repeatedly said. Is. in
broad Way. very bright and the stats
Teal position is now 80 strong tina
the danger OF q temporary reaction
IN prices below IA cents IS passed
while an advance above thar hgnr,
seems assured Boston Financia
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