The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-03-05
Prospects for Copper

Engineering and Mining JournaD
! Some of the agencies in the selling
of copper that possess good judgment
and imagination are looking for rise
in copper this spring. Their reasons
are the continued excellent statistical
position Of the metal, the obvious
maintenance of European demand and
sumption.
! AS to the statistical position: The
production, computed ON the basis of
the smelters' returns, decreased in 1913
both for the world and for the United
States. The refinery production in the
United States increased. We pointed
out Il good many times during 1911
and 1912 that the smeltcrS' returns
plus imports of crude copper were
showing a surplus as compared with
the retiners returns, and that the lat
ter must be carrying an increasing
stock of crude material. In 1913 II
was the other way and by the end of
that year the accumulation of crude
copper must have been eaten into
very largely. and the smclters cur
rent production being materially dim
inished, we found reason to say in our
issue Of January 10, 1914, that there
will be no cause for surprise II we
see some comparatively small reincrs'
productions in the forthcoming month";
~ reports"
The January production Of refined
fell in with that forecast, The fact Is
that the crude supply of American
rehners averaged only about $4,000
600 pounds per month in 1913, figure
including the increased importation OF
foreign blister copper, which, of course.
dimnishes the supply of foreign re-
liners by just so much In the last
quarter Of 1913, when the Lake pro-
duction was small and the output Of
several Mexican smelters was mater
tally diminished, the monthly supply
of American refiners fell below the
average rate of the year.
Now, there is no strong prospect Of
important augmentation of supply
during the next six months, or even
during this year. Utah appears to
have attained the maximum of what
is expected of it, for the present at
least. The new CRANKY works at
Anyox. B. c., is just beginning pro-
duction, but will hardly figure largely
for a while. Braden is swelling its
output, but very slowly. Chino, Mi
ami and Ray will probably make some
Increase, but not much before the sec
ond half Of the year Inspirations
output apparently is not going to
amount to much for a long while yet,
and the new giant, Chuquicamata,
looms in the more distant future. The
Lake mines are gradually regainlng
their gait, but it will be many months
yet before they repeat their ante
strike rate of production. The pro-
ducers Of Sonora and lower California
are unchecked in their operations, but
elsewhere in Mexico copper production
is seriously hampered.
Looking abroad, Katanga at last is
making an output worth counting, but
it increases slowly. Rio Tinto, no
doubt, continues to suffer from It's re-
peated labor difficulties of 1913, which
may not yet be fully adjusted II we
may judge from the new, though
short lived strike, in January last
Russia and Japan appear to be the
only foreign countries that are forg-
ing ahead steadily in copper produce
ton.
II, therefore, we may expect a halt
Ing, 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 deduction is stationary,
or even diminishing supply of refined
copper for while at least.
In this connection let us point out
that absolute conclusions must never
be drawn from the American refinery
statistics alone. The copper industry
is so International, more so now than
ever before, that any statistical re-
view must combine the data for both
Europe and America, at least. AM
erica refiners have year by year In
creased their capacity, are able to re-
fine crude copper in competition with
all the rest of the world. and must con-
stantly grasp foreign supplies in order
to keep their works going at the most
economical rate. In 1913 they fetched