Bisbee daily review., 1914-03-14
THE COPPER SITUATION


 The Engineering & Mining Journal, in an editorial entitled "The Pros poets For Copper" gives very comprehensive article on the outlook for the metal.
 In speaking of the prediction made by some of the agencies that a rise in the metal is looked for in the Spring. the paper calls attention to the sta tistical position of shelter returns as compared with the increased refinery production. and says that during the year the accumulation of crude cop per must have been eaten into very largely. In making reference to this ! the paper adds that it had in a pre- i yious number pointed out that there would be no cause for surprise if some comparatively small refiners' productions were forthcoming in the monthly reports. In this connection the article adds that the January pro duction of refined copper coincided with that forecast
 In regard to future production we quote as follows: There is no strong prospect of important augmentation of supply during the next six months, or even during this year. If. there. fore. we may expect halting. or even receding. supply of crude copper. and if the American refiners have reduced their accumulation to about what they must normally carry, the logical de- duction is a stationary ,or even di- minishing supply of refined copper for a while at least"
 In continuing. the article says that { absolute conclusions should not be drawn from American refiners' statis- Y tics alone; that the refineries in this r country have increased their capac l. ing foreign supplies. In 1913, they took materially larger supplies from ], abroad. taking standard copper out ol n the English market and diminishing Europe's supplies by that amount [. May not the remarkably large ex d ports from American refineries ir December and January" the paper re k marks. be explained in part as tn, return of Europes own copper = Thought hither as crude. and sen back as reflned?"
 So much for production. With re gard to consumption. European bus mess appears to have maintained it self at high rate in spite of thu
 Btringency in finance, which latel. has been greatly relieved In tn
 United States. the manufacture O copper fell to low point. but VI canpot rationally conceive it to hav'
 fallen SO low as did the domestic ds liveries by the refiners Rather do W
 imagine that the manufacturers prs
 vious purchases enabled them to Al
 the diminished orders of their cust'
 mers. and that those customers wer allowing their own stocks of good 10 run down. The actual use of col per nav not have declined. and prol Ny did not. so much as tn"
 of e'ther manufacturers or refiners 1T
 dicated.
 With regard to the prospects fc
 conner. we have repeatedly seen tn } market to move just oDposite to whs the statistics have indicated it ougl
 to do. About the end of 1911 the pric
 rose when the statistics were ba, :. The explanation of these paradoxes 7 that when statistics and sentimer - are opposed. the wisest traders di ,. regard the statistics and act accor' s ing to the trend of sentiment. y 1914 statistics are sill good, and SCI - timent appears to be becoming goo 2 Hence, the expectation of rise 7. the metal that is entertained in vel
 informed quarters"