The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-21
WAR NEED TO BRING
NEW COPPER BUYING
Rush May Begin Before End of
Month With Closing Of
Contracts.
PRICE OF LEAD LOWER

mere are inOlCayiOnB tnat anOtncr
buying movement in refined copper will
begin before the close of the month.
American manufacturers Of war muni-
lions are actively negotiating with rep
resentatives Of the Aliiei Governments
for contracts to make from $1,000, 900 20
5000. 900 shells early In 1917. 1t is
expected that the contracts will be
awarded this week. The prospective
manufacturers have been e~ndeavoring TO
secure options on the steel and copper
that will be required. It ~ estimated
that between 40. 1000. 900 and 80. 900, 900
pounds of copper will be needed for de.
livery over the first quar:er of next year
and possibly during the last quarter Of
1916.
In the last two weeks Europe has pur-
chased between 400. 900 and 400 zoe tons
Of steel to be manufactured into high ex-
plosive shells abroad. mainly in France
The French Government Is also reported
to have bought a portion Of its copper re-
quire,nents for the last quarter Of his
year. but there are indications that an
appreciable amount Is still to be pur-
chased for French consumption.
Under the Surface Metal Tow.
These factors in the making have been
under the surface and their influence Is
yet to be openly felt In the market. Last
week-indeed, for the past two weeks
trading in copper. for both domestic and
foreign delivery. WAS Of unusually small
proportions. while more numerous and
freer offerings Of lake. electrolytic and
casting copper were made for delivery
from May to December. at concessions
Of from II to 1c. per pound from
prices prevailing early In the month.
The few domestic consumers who have
taken advantage Of the weaker tone have
been able to buy June. July and August
shipments Of elec;rolytic copper at
90 &C. Of August. September and Oc-
tober deliveries at CSC. OF the last guar
ter Of the year at este, and Of the
first quarter OF 1917 at 27lac.
On the other hand. large producing in
,erests. with capacity well sold and In
some cases even oversOld, have been
t, holding firmly at 90 cents for October.
| November and December shipments. and
| now are being confronted with unusua
| difficulty to secure enough metal TO apply
on June contracts. This is the more
extraordinary because of the fact that
production Is at the rate OF nearly 2OO.-
600. 200 pounds per month. These devel-
op,nents Indicate the close position OF
'arge producing interests. but ako in
dictate a relaxation Of the tension. as far
an dealers. operators And spectators are
concerned.
The prospective buying by war NUM-
ton manufacturers. however. will again
| change the current Of the open market.
Heavier Exports Expected.
Reports Of copper last week were A.
osS tons and since the first of May
1869 tons. At this rate. foreign ship
Tents for the month are likely 20 be
only $4,000 tons az against nearly 20
900 tons in May last year. hut relatively
heavier shipments In tho next ten days
are expected.
Government returns show foreign ship
ment, In April OF 1879 tons from South
ern and Pacific ports. including ship
mens OF 1900 tons to vladivostok. 200
tons to England and "a tons to Japan.
During the first four months OF the
wear sass tons were shipped abroad.
II which over %1'00 tons went to
France. more than $4,000 ton to italy
and a little less than 5000 tons to
the United Kingdom. Russia took only
$3.50 tons. but the Cars country Ii
obtaining liberal supplies from japan.
Norway ind Sweden obtained Il lltsle
more than 5000 tons from the United
yates. Total exports from this coun-
I - w u % -f''' h'h'
larger than during the corresponding
period last year.
Imports into this country In April arc
estimated at about 10000 ton and 49,
900 tons were received In March, Since
the first OF the year arrivals of foreign
copper have been about 81 900 tons. or
nearly double the arrivals during the
corresponding period last year.
The London market for American
electrolytic copper advanced &c TO fi5s
for spot at the close Of the week. but
standard copper was subject to violen,
fluctuations within q range Of f7. the ne,
result being a decline of e. on spot. while
futures closed the same as a week ago
SPOT was quoted At f13S and futures a,
fl3s.
TIN Boasht II Concessions.
The main feature In tin last week wa
the purchase Of about 400 tons Of spo'
Banca at concessions OF from 20. to 2iac
per 10. from the prices asked for Strait,
tin. Most of the metal was purchased
by a Michigan consumer. There wa,
very little interest taken In Straits til
because OF the high prices demanded ano
tho continued difficulty of securing per
mits for shipment from either Londor
y or the British East indies, II is re
ported that more than 5000 tons o
> Banca tin has been shipped from thu
Dutch East Indies. and the steamship
J Waaldyk has arrived at New York dur
, ing tho week with LOO tons from
Batavia. Eight steamships from LondoI
and Liverpool also came in during TIT
week with rs tons, while another steam
. ship Is reported to have left London To-
} New York with Gao tons moro.
There was scarcely enough trading II
> future positions to establish "A market
but the tendency was downward. far Of
positions being from NC. to Nc. pc
pound lower than a week ago. Othe
; positions were down about NC. pc
pound. Al tho close spot Straits tin wa.
quoted at AsHc. May arrivals at 4sisc
June at 46&c. to %7c,. July at bNc,
August az 441.c, to 4+9sc. and Septen,
Der, October and November shipment
4 from the Straits at 43i.c. Banca iii
sold at 47c. for spot and was offered a
exc. to 2iac. per pound less ,hal
Straits tin on the other positions.
. Lead developed q weaker tone an
r prices were lower. Lack Of deman'
. from domestic and disap
pontment in regard to export order
, brought out freer offerings from deal
y ers and operators at New York and "A
= East st. Louis. This resulted In a de
cline Of 20 to c6 points on spot. Ma,
and June shipments. which positions a
the close OF tho week were offered a
7,3Oc. at New York and AT 7.25c. "a
East ST. Louis. The London marke
, broke fo 5s. on spot and futures. spo
: closing at f31 los. and futures f31 Isl
. Sneltsr auffered "A further declin. q