The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-28
COPPER PRODUCERS
SEE BLOW AT PRICE
Think MunitiOn Makers Are
Acting Now to Get Cheaper
Metal.
REACTION CONTINUING

Ioppc euHeTeu u rurt1eT Sndrp re-
action last week.. This was attributed TO
renewed pressure 70 sell by dealers and
operators here and abroad. The most
Significant development. however. was
the evidence that domestic consumers
for the time being havs . large surplus.
which they are anxious 20 dispose Of for
prompt shipment 70 realise the profit
which the current market would give
them. Strikes At many Of tho manufac-
turing plants in this country have had
more influence than has hsretofore been
apparent.
Electrolytic copper for future delivery
has been offered at such temptingiy low
p-icss that home have been
anxious to resell nearby copper and TO
cover BY purchases for late delivery.
Unfortunately. however. no sales Of
magnitude could be made for quick ship
ment. and In an effort TO realize dealers
and consumers ha w been In competition.
resulting In n further drop Of ic. to
Inc. per pound on various positions. In
the last two weeks prtcss IN the open
market have declined &c. TO 2kc. per
pound.
American eIectroiytic was also freely
offered for export TO Europe at heavy
concessions. which caused a violent
break at London and caueed eoms pro-
duoing Interests TO assert that the mar
ket was being systematically depressed
to enable manufacturers ~ munitions To
cover at lower prices contracts for cop
per needed IN the making ~ shells.
The downward tendency az prices Va,
accelerated by evidence Of continued
record breaking production and a larger
surplus in hands than had
existed for six months or longer. Tenn
porariiy melting IL less heavy and this
fac, has helped the decline. Reaction In
the steel industry WAS also a factor ron
tributing to an easier feeling. Ths
largest producing interests apparently
remain indifferent. Az their output Is
heavily sold for months 10 come
smaller producers. however. are keenly
disappointed in the turn Of affairs.
There was much regularity In prices
quoted. but second hands were seeking
BUSINESS for nearby shipment at Isl.
to 90. Some producing interests Ner'
willing to sell prompt shipment at ?9'.c
August. september and October ship
ments We're difficult TO sell at 2Ac., while
October. November and December ship
IfeIllS NfI' oiItTeu ~ 90 wv
successfully. The large producers
nominal asking price was 29r. for III
last quarter 81 tie year.
AZ London the price of American elec
trolytic broke flo. equivalent to &c. pc
pound, with offerings Of spot at flt'
AT the close % the week. The breai
IN prices Of standard copper was sen
s%a'ional. I'll on spot and flS on futures
Trading In standard t. confined within
ouch harrow limits. because 81 light sup
plies and the restrictions placed upoI
business by the English Government
That II IL easily controlled. II IL sen
sitivc to ~uniinportant changes. Its sig
u%ti"sr". 49, y market factor IN. hee'
Loot Tor many months. The break ii
cl'ctr"lytir prices, however, carries con
siderable weight here A. well as abroad
Exports since the first Of May hav
been only 1891 tons. although steam
ships available have been In more atnrl
number and prices OF freisht rates hav
d"rline!. Imports. on the other hand
haN. continued liberal AT Atlantic porte
since May arrivals Of foreign mRteria
have included 60io tons of copper. !,
100 of matte aud $3.50 tons OF ore.
Tin ~syinpathized viii the weakness I
Other metals last week and prices sl'
Tered "A break Of ~, cents on SPOT an
one cent "A pound on future straits II
a. Ncw York. The foreign markets wer
all" weak and lower. but there was
slight recovery ~ the close. l'recr shiI
n.Hts from Lpnduu and offerings ~ Il
oA several steamers about to saii fro
London were responsible for TIE low,
prices of spot tin at New York, WhiC
WAS offered ~ the close IT the Week .
~, Ia 47'g cents.