The copper era and Morenci leader., 1915-07-30
MINES AND MINING
THE COPPER MARKET

THE COPPER MARKET
 Copper is more active and the tone of the market is a trifie firmer. Lake
 is 20 to 23 cents and electrolytic is 19 3-4 cents a pound. Leading sellinS g interests state that many of the larger consumers have not yet fully covered their September requirements and that a general resumption of buy ing is to be expected within a week or two. Producers do not seem to be worrying over the future of the metal market. They are practically unani- nous in the opinion that consumption is increasing more rapidly than pro- duction and they believe that this will cause the metal to advance in price.
 The hesitancy of consumers during the past few weeks apparently has for its basis the belief that when the enormous war orders for munitions of various kinds were placed, one to three months ago, the companies taking those orders immediately pur- chased enough copper to complete the work It is reasoned that this im- mense buying was responsible for the very sharp advance in the price of the metal and that, these require Inents having been covered, the vol ume of buying for some time to come,
 
 is placed, must be very much smaller Tn defense of their opinion that the price of the metal will decline they point to the generally increasing production and to the materially re- duced volume of exports.
 On the other hand, producers refer to the fact that all of the brass and copper manufacturing plants in the country are running at full capacity, hot fhn shells, rings and cartridges made here and shipped abroad represent an enormous outgo of copper which is not included in the export figures. They also declare that, although prac tically all of the manufacturers in the Connecticut Valley are working on war erders, many of them have not yet purchased sufficient copper to carry them through September, and this is considered an indica tion that the manufacturers of war materials in copper they will need to complete their contracts.
 Among the other things indicat ting that copper consumption is increas- ing are the very great improvement in the iron and steel business, the output of which has practically doubl- ed in the past six months, and the fact that the markets are taking, en enormous output of spelter at four or five times the normal price. It is estimated, for instance, that this country alone is now producing spell ter at the rate of 1,O0e, e,000,00O pounds annually, which would be nearly enough to convert the entire worlds output of copper into brass on the basis of one part of spelter to two parts of copper. Spelter consumption i4 galvanizing and other uses has been very greatly curtailed because of the price advance.
 Viewed from every possible stand point, the copper situation appears to be one of the brightest srets in our whole industrial situation. As long as the war goes on consumption of this metal must continue to increase. If the United States becomes involv- ed the government must take and convert immense amounts Of this ma terial into ammunition. When the war ends the depleted stocks of cop per in Germany and Austria will have to be replenished and, unless all pre- fail, the immediate revival and expansion of industry all over the world will call for larger volume of :, copper than has ever before been consumed.
 One of the leading copper produc- CTS of the country, whose judgment has come to be generally respected, Is quoted as having declared his be- lief privately G1is week that copper i' will not sell under 20 cents a pound again for three years. I see no req |, son to anticipate any early decline in :; the price of the metal, and there i' Ire many factors in the situation, no- ,' ably the announcement from England hat 900,00O hands have been delegat- Id by the government to enter im- nediately upon the work of cartridge shen making, and that a still greater lumber will soon be added, which orm good basis for the opinion that l he consumptive demand will continue O grow more rapidly than produc- i ion.