Mohave County miner., 1915-02-27
Walkers Weekly Copper Letter.

Following a reaction to around IA l-2 cents pound the tone of the copper market is stronger again. Lake is IA 7-S to 15 IA cents and electrolytic is IA 5-S to IA S-4 cents pounds. Sales of lake have been made within few days at 15 Is cents for May delivery. The belief is quite general that domestic consume rs purchased considerable cop per in excess of their immediate needs, on the recent advance, at prices rang ing all the way from 13 to IA 3-4 cents a pounds; but very little definite evi- dence of this is obtainable. Manu lecturers in this country are obtaining considerable orders for finished and partly finished copper and brass pro- ducts from abroad, and their heavier purchases may in this way be accounted for, partly, if not wholly.
 It is now being estimated that the production of copper in the United States from domestic sources and inn ports amounted, in 1914, to 1,493, 000,- 900 pounds, which compares with l. 5,O57, 900 pounds in 1913. To the years output is added the 9l, 438, S67 pounds of surplus stocks at the begin ming of last year, and from this total the 79O, 149, 120 pounds exported is sub- tracted. This would seem to leave available for domestic consumption 794, 289, TAT pounds. It is further as- stunned that domestic consumption amounted to $40, ,643, 116 pounds, and by subtracting this it is made to appear that there must have been 253, ,646, 631 pounds of surplus supplies remaining in the United States at the end of the calendar year.
 In all probability the foregoing figures are incorrect in several particulars. They are almost wholly estimates, and one mans guess usually is as good as another's. Regardless of how much copper the producers had on hand at the end of the year, however, it may be put down as certain that at least 80 to 90 per cent of it has since been sold, for that single producer would have continued holding supplies of the metal for still higher price after it had ad- vanced from II IA to IA 7-8 or 15 cents in period of five months is unbeliev- able. The action of the market since January furnishes conclusive refuta- tion of the surplus supply estimate quoted.
 Another reason for assurance that the stocks of copper in the hands of producers have been cleaned up is found in the fact that there is now a quite general disposition to increase output. All of the Lake Superior mines are again operating to full capacity, and the fact that lake copper is being specified almost exclusively by the am- munition makers seems to have justi- fled them in making this move.
 The big porphyry mines and Ana conda have not as yet materially in- creased their outputs; but Granby is getting back to basis of full produc- tion as rapidly as 1t can, and all the re- maining producers are putting on more men and enlarging their output. Be- yond any question it is certain that such action would not have been taken un- less the market demand for the metal appeared to justify it.
 The increasing activity at the mines will begin to show in larger produc- tion of marketable copper. amounting to not over 5000, 1000 pounds monthly from Lake Superior in March or April, and the increased output of Granby and other mines, all of which must be refined electroly tically, will not make it's appearance in the market until late in May or in June. Should another great buying movement occur within three months, similar to that of De- cember and January, it probably would carry the price of the metal up at least two or three cents pound, and pos sibly considerably more than this.
 It is understood that the producers feel that it will be for the best inter- ests of the trade to prevent any ma terial advance above the present price II.