The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-22
WIDELY VARYING
PRICE FOR COPPER
Large Producers Ask 10 Cents
a Pound While Smaller Of
fer at Is Cents.
SOME EXPORT BUYING

Some business was done in conner
during the past week. 1t was for ex-
port account and was booked at 17ts
cents a pound. As the week wore on
no further buying appeared some
OF the smaller producers lowered their
prices and at 16 cents made a few sales.
AT the end OF the week there was n
'uh two cent n between the asking
prices OF producers. The larger pro-
ducers held for 1s cents and the smaller
for 16 cents,
Spelter and lead were generally quiet,
although toward the end OF. the week
lead was sold at Az cents a pound.
A revision of estimated profits. must
De undertaken by those copper produce
Ing companies which have continued to
sell their export product on the basis OF
pounds sterling per ton rather thar
cents per pound. owing to the drastic
ueciine in sterling exchange rates.
Until the war began Al was n conn
moi practice Tor the American produce
ers 10 sell copper to European coun-
tries on other than the cents per pound
OASIS. About a year ago, however. when
foreign exchange commenced to act
DadIy some of the selling agencies re-
FUSED TO quote to Europe any other
terms than cents per pound. To this
tne european buyers demurred, as they
a rarely before been obliged to bother
with terms of exchange, leaving that
task for the American producers to
struggle with.
Some OF the producers were insistent
their sales have since been based on
American money. Such a rule has not
become general. for the majority of
selling factors have quoted in London in
sterling. although they have readily re-
fused to sell French manufacturers in
francs or Italian in lire max
ing them accept the same terms offered
TO London dealers.
The drop In sterling exchange to the
lowest level In at least forty years has
made a material difference to those
producers whose export sales eff
fected some months ago, have not been
fully delivered. Every three points drop
In sterling exchange means a loss of II
cents per 100 pounds In the price which
the copper producer will receive. On the
other hand this difference is to the bene-
fit of the foreign buyers and. applied to
of pounds of the metal the low
quotations for exchange will mean n
loss to American interests
With electrolytlc copper held at Is
cents a pound by the larger producers
and offered down to Is cents here by
a mail producer the market for the
presents the most complex situa-
ton ever known, according to selling In
terests. 1t looks as though the con-
sumers had settled down to an attempt
TO tire out the producers and force them
to lower their prices to a level which the
users will consider satisfactory. just
what that level may be does not appear.
but a few weeks ago II cents was men,
toned by some OF the manufacturers as
a buying figure.
The British Government has an in
quiry In the market for W 3,O00.-
900 and 1000. 900 pounds of copper, an
insignificant tonnage when compared with
it's probable needs. Last week the Brit
ish Government bought 500 tons OF Aus
tralian copper al a very low price. Here
tofore these requirements have been hled
through London dealers commissioned to
act as go-betweens. but the two instances
cited called for direct dealings between
producers and the Government.
The French Government requirements
for copper are understood in the trade
to be very heavy. and as no buying from
that source has occurred for some time
IL IL expected that orders will soon come
from France.
The Russian Government will also need
copper to supplement the production OF
that country. but these purchases will
doubtless be made through London.
Production Of copper will have reached
at the end OF this month its maximum
refinery capacity. producers believe, and
with any material further concessions in
price automatic curtailment OF produc-
ton may follow. as some OF the small
shippers could not make "A profit in their
operations If settled with on a basis be-
low Il cents a pound.
Thus far there has been no accumula-
ton of copper at refinery points. ac-
cording to the best available informa-
ton. The orders Of last June. which
have been succeeded by smaller bust
ness, were sufficient to carry all of the
copper above ground through his month
into September. July deliveries OF
Upper were the heaviest known, II Is
understood, while those during August
will hold we'll up to the preceding
month.
There continues TO be some request
for delayed deliveries to domestic ron
sumers, but this has not been general.
The long delay in buying of copper
from abroad has set producers on a new
train OF thought, which has to do with
the possible stocks that European con-
sumers may have on hand. At the be-
ginning Of this year producers In the
United states were carrying large stocks
of The metal, but the subsequent big
demand not only cleaned them out of
their surplus, but has thu far cared for
n constantly increasing amount OF pro-
ductiou.
After eliminating Germany from con-
sideration there have been big exports
of copper to Europe this year, but pro-
Gucers have not been able to satisfy
their W curiosity as to whether some
Of this metal was not set aside for
future use. as II was being taken In
on the way up from low prices to above
90 cents a pound.
prycyNEcc IT'D OITpT re