The sun., 1916-01-10
COPPER HIGH IN FACE
OF A RECORD OUTPUT
Narrowly Misses Going to 25
Cents a Pound in Strong
Trading.

The statistical position OF copper con-
tnues very strong, although the output
OF the smelters and of the refineries
is record breaking. Trade returns in-
dicate that producers stocks on the first
OF this year were little more than
js,o00 tons. having increased ~ July.
August. September and pctou- =, but hav-
iEg decreased a3out 1000 tons IN Deccm-
Der. The decrease was due TO the enor-
nous deliveries for domestic and foreign
consumption. 1t is probable that the re-
fined output last year may be sh hpwn 10
, be some what In excess OF l,I0O, 100000
pounds from all sources when Govern
ment returns are complete but several
months will elapse before these figures
are available. The preliminary report
OF the Geological Survey referred only
to smelter output from domestic ores.
II stocks IN producers hands should
prove to be larger than the trade esti-
mates It would have only slight effect,
as much heavier accumulation could be
carried without inconvenience TO the
producing interests.
Last week for few days there was
additional feverlsh buying by consuming
interests. especially for deliveries In Jan
uary and February and later, for March.
which resulted in establishing the mar
ket a little more firmly at o3a. to 24c
for such deliveries. Producing inter-
ests. however. took some large contracts
for delivery over the second quarter at
23c. to o3Ec.. while second hands were
more anxious for nearby orders at from
{ &c. to nc. under the asking prices OF
the large interests.
The most important development OF
the week. however. came on Friday.
when private cables from London an
/ npunced that the British Government
had taken energetic steps to protect It's
interests. The Government authorities,
/ II Is said, instructed British copper con-
sumers to make no purchases OF cleo
! trolytic or OF best selections In lots
exceeding fifty tons and TO pay no price
I exceeding fl00. Apparently the British
Government Is seeking to curb specu-
| lation In copper, as II has already done
1 IN tin. on Saturday no confirmation
, was received of the attitude of the Brit
ish Government, and fun information is
awaited with interest
The London market for American
electrolytic advanced "a up 10 Friday
sales were reported earlier in the week
at fll4. To-day's quotations are awaited
with some uneasness. standard copper
In London rose rapidly up to Friday,
when there was break of rs los on
spot and a drop OF f2 los. on futures.
making the net result OF the weeks
fluctuations an advance OF l1s. on spot
and futures.
Exports since January ! have been
only $3.50 tons but during the week
ended January the total foreign ship
ments were 5,li9 tons, Imports at At
lantic ports were only JIo tons of cop
per. 2.l10 .tons OF matte and $500 tons
of ore during the week ended January
( q. The visible supply OF copper in Eu-
rope during the last fortnight OF De-
cember was increased LIES tons, hut
the total In warehouse and ahoat from
Chile and Australia AT the beginning Of
1916 WAS only 1924 tons.
Tin was strong and higher during the
week, largely because OF the fear III the
trade that lScal stocks miSht prove In
adequate II tho Suez Canal we're closed
by military activities or tin steamers
were wrecked by Tcutonic submarines
Spo, ad ,anced from 40 To a. cents a
pound under these conditions, but with
a more confident tone prices rec"ded To-
about Az cents. Sales cx steamers
now at dock were made at Al cents,
The close on Saturday was quiet and
easier The London market advanced
fS on spot Straits tin and IS to f5 los.
on standard while tn" singapore mar
Eet was up t7. spot Straits tin al Lon
don on Friday was quoted at flIT.
Refined spelter was moderately active
for several days, followed by Increased
activity on the closing day of the week,
when about 10 tons OF near by deliveries
we're sold Spot and January brought
I7h cents, February lGh and March
l5is. April Lay and June positions
sold at II cents,
Lead was active, strong and higher
under large export buying, the Amer-
can Smelling and Refining Company ad-
yancing spot at New York 10 points, or
Is "a ton. to $50 cents n pound. l:ast
II Louis advanced to 5.s2ia cents spot
The London market war w II on spot
and lbs. on futureA