The copper era and Morenci leader., 1915-12-31
WALKERS COPPER LETTER

Copper is very active and prices are advancing. Lake is 20 3-4 to 21 1-2 cents and electrolytic is 20 3-4 to 21 cents pound. Both domestic and foreign consumers are buying freely for delivery as far ahead as next July The London price of electrolytic cop per, 102 per ton, is now higher than it was at any previous time this year. There is every prospect that the metal will advance two or three cents per pound before the present buying demand is satisfied.
 The copper situation appears extre- mely strong in every feature. The foreign visible supply is decreasing, producing companies are refusing to name prices on large amounts of cop per for nearby delivery and suggest i ing to would-be purchasers that they go to other selling agencies. Plainly the market is oversold, and notwith+ standing the tremendously heavy buying that occurred in October and November the demand shows no abate ment. It is estimated that more than 20O,O0O,O00 pounds of copper has been sold the past week, chiefly for delivery during the first six months of next year. It is stated on what i appears to be good authority that the British government has purchased 60-, 900 tons (134, ,OOO pounds) of cop per to be delivered 5000 tons monthly throughout next year. The price to be paid is 20 cents a pound.
 The volume of exports is showing tremendous increase. During the first p days of. this month exports amounted to 55,937,780 pounds, indi- not nfo1 o11tor If ta i 80 100000 pounds in December. It is not recalled that exports were ever as heavy as this at any previous time when the metal was selling at a relatively high price. Previous big export movements have practically all occurred, immediately following a period of very low prices.
 There is every reason to expect that the war demand for copper will continue to increase for some time to come. Criticism of the results se- cured by the armies and navies of the allied powers has led to a semi official statement being given out in England recently to the effect that these armies and navies have been short of ammunition ever since the war began and that they are still in adequately supplied. In view of this situation it must be realized that it is the plan to conduct the war much more vigorously after ample supplies have been obtained. This cannot fail to lead to the conclusion that there will soon be a shortage of copper, notwithstanding the present tremend- ous volume of output, and that the price of the metal will be forced ma erially higher.
 An important factor in the present situation is the greatly increased de mand for copper for industrial pur- poses. It is Stated that all of the wire mills have been buyers recently and that they report much larger demand for their products than has existed previously in two years. Build ing is more active also and this as brass and copper.
 It has been suggested in these let ters repeatedly, during the past sev- eral months that consumers cover their advance requirements and aban- don all hope of obtaining the metal at lower prices. There is now every prospect that further substantial advance in copper will occur almost immediately and it seems not at all impossible that the metal may sell at p cents and even 30 cents a pound before the European war ends. The restocking of the copper and brass manufacturers of Germany, Austria and Belgium should maintain the metal at a relatively high price level for a considerable period following the war, so there is very little pros pect that copper will again be ob- tainable at low prices in the coming two years. The prospect of a de cline is so remote that manufacturers should not hesitate to cover their re- quirementS at least three months or even six months in advance.