The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-02
COPPER UP AGAIN ON
NEW BUYING RUSH
Price Is Advanced in London
to Equivalent Of 10 1-8
Cents New York.
ORDERS COME BY CABLE

A new buying movement in copper
got under way yesterday. The first
evidence OF the new movement was the
advance in clectrolytlc prices in London
to $50 a ton by the American producers
maintaining offices there. This was
figured to be equivalent to 1915 cents
New York. Sales in fact were made
there on tho new basis on Monday.
while America was taking a holiday.
During the May lull in buying pro-
ducers, who had raised their prices
abroad to ESQ. lowered them to fSS and
made sales there. The current advance
to 600 placed the metal at the highest
level since the boom days OF 1906 and
1907.
Producers, who took the double week
end holiday. were met with cable de-
mands yesterday morning for round
lots OF the metal. One of the most en-
c~ouraging factors In this respect was
the appearance OF Henry Il. Merton d
Co. the British metal firm which had
not been buying copper since last April {.
ut least not openly In this market.
There wac inquiry as well from other
parts of Europe.
The domestic manufacturers were on
the job early and got "A line on condi-
tions. although their purchases were
not heavy. There was some home bust
ness done at 1875 cents a pound. Some
of the producers. who have not found IL
easy TO do an export business OF late.
ave been forced to make concessions OF
some sort In this market. For the most
part. however. the asking price was 10
cents a pound and this was paid.
Higher prices before the end OF the
week appear probable.
All of the metals have struck the
advancing gait at last. The upward
tendency in lead prices was again in EVIL
dence. for the American Smelling and
Refining Company raised Its quotation
from AZ cents named last Saturday,
to 400 cents n pound. This was the
highest with one exception since Au-
gust. 1907. Demand for the metal is
enormous from both sides OF the At
lantic.
Spelter. however. was responsible for
the sensation of the day. Prime West
ern grades or ordinary spelter sold az
% cents a pound for prompt shipment.
This was the level at which the best
grades sold late last week and COM
pared with spot sales of ordinary at
23i3 cents on Friday.
Brass specials were held at os TO 30
cents a pound and the bes, grades were
nomlnally quoted at from so 10 50 cents
"A pound. Brass manufacturers came
Into he market In good volume yes
terday and the new prices were narncd
largely as a result. although the fl2
advance noted in London during the
morning had some sentimental effect.
The parity of American spelter quota
tions has not been maintained in Lon
don for some time past. as the British
consumers have refused TO pay the cur
rent high quotations named IN the do
nestle market.
The f~Ortntghtly statistics OF copper
which We're received here early in tho
day showed further increases In tho
visible supply n stocks as compared
with the middle of May. Stocks gained
In that period l,1Ss ton and the visible
supply rose 1,53s tons.
Exports Of copper from Atlantic ports
during the month OF May were 2S.SSi
tons. according to preliminary returns,
as compared with Si.asi tons n year
ago. when shipments were beng made
to Germany.