The copper era and Morenci leader. [volume] (Clifton, Ariz.) 1911-1929, 1914-08-21
THE METAL MARKET.

au early price recovery in the {;
nestle market. Lake is 10 to 10 /.
cents and electrolytic IL 5-s to IL 2.
cents pound. N London. from whic
marker our producers are now bal
req oy the war, elsctrOlyric is :,uote
at 10 IA to Is IL cents a mound an
is reported in very scant supply. A,
parently domestic consumption ba
Deen further restricted for the tim
Delng by the financial and trade dis
turpance caused by the European wa,
1t probably will take our manufacfu1
ers a week or two longer to find then
selves" locate and secure the new
business that promises to becom
available.
mere is every prospect that the do
nestle copper and brass manufactur
ers will benefit in many ways from III.
opportunity the war will give them t.
sen their finished products to the
south American, Canadian and othel
trade that heretofore has been sup
phed by European competitors. Il
our mlHs can secure this trade the do
hestlc consumption of copper will in
crease very largely. 1t is understood
that there is sufficient manufacturer
capacity in this country to handle
close to 10O,0OO,000 pounds of copper
monthly, which is very nearly the
total amount productd by ali the
mines located within the United
States.
Statements are being quoted and
published daily that from so to go per
cent of the United States copper nro-
duction is normally exported This
error Is due to the fact that the Cop
per Producers association has been
IN the habit Of reporting production
ana imports Jointly, and not sonar
ately. Only 3S per cent of the con
per produced in the United States was
exported last year and 81 per cent
was consumed at home
United States production for 1919
was, according to the best sources of
information, 1928, ZOO, 900 pounds. I'm
ports amounted to 4O3, 200, 900 pounds
and exports were S69, 062, 7s4 pounds.
mus we exported the amount of COP
per we imported and also 465, 1862. 1884
pounds OF our own production. In adj
lltlon to the 60 per cent of our output
Wnlch went into consumption at home
we drew upon our surplus supplies
% the extent of 100000 pounds dur
ng the year
While it is improbable that imports
II copper will be stopped by the war
ney cannot fail to be materially re-
iuced OF course our refiners will re-
use to buy the product of foreign
nlnes, and it is not likely that they |
VIII advance money on consignments |
oming to them from other Countries |
or custom refining with the same |
lDerality that they have in the past. !
nose Canadian, Mexican and South
american mining companies that shin !
our renner1es have arranged, so |
ar as heard from, to reduce their pro-
uctiOn materially
How much of the copper we az
ort to Europe is manufactured there
nd sold in the various countries of
ne outside world is not shown by any
ubl1shed statistics. That the amount
very large, however, is certain.
fter the war has continued a month
Two some of this South American
static Australian and African de-
ana for finished copper products,
Mich has been supplied by England,
ermany, Belgium and France, Should /,
sgin to come to the United States
this connection there are great
disabilities
When the war broke out the total
sible supplies of copper at all Euro n
an points were less than $4,000. 900 II
unds- This is about equal to the G
1ount we were exporting every
ontn. Within comparatively short
ne, therefore, those manufacturers
Europe who otherwise would he :
lie to operate their plants wiz be
llged to shut down because of in i,
ll1ty to obtain copper. {
of course Europe,s future volume |
copper consumption is problemati- .
!. BUSINESS may recover rather
WY following the war. Possibly
Will hdn two or fhr-aa
ropean industry is back to its for
r standard of activity. 1t is co
te certain, however, that inmedi- =,
~ atter hostilities cease every con- ="
ner in all of the countries that
e been at war will be Obliged to E
a supply of copper from the
lteo states Undoubtedly our
plus stocks of the metal will then
appear very quickly and it is prob
that the price of copper will ad-
&c.
must be understood that the eur
rent of production, which is now A.
eraI, does not represent an agree
II entered into for the purpose of ,,,.
lencing market prices for the.
al. IL the mines, smelters and re- vi
RES were 20 go on operating at
capacity the producing COMPANIES
Id soon have very large surplus =
KS of copper, which might be
cult and expensive to finance
y rave curtailed production fer
reason that for the present
is not sufficient market demand NJ
liable to absorb their full volume
utput. vi,
lere is very little prospect that the civ,
OF copper will go any lower in
m arket than it is now. A semi
ulat1ve or merchandising oppor-
y, therefore, is presented to those
umlng interests that have a sur
OF Ilqu1d capital. Copper pur-
ed in the pask at less than "a
a pound almost invariably has
I'd very productive investment.
L. Walker.