Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1916-12-16
COPPER OUTPUT IS
SOLD FAR AHEAD.


NEW YORK, n. Y, Nov. 26.-The
copper trade estimates that nearly 50
per cent of'the expected output in the
first half of 1917 has been sold in adj
vance. Metal for delivery in the first
quarter of next year is quoted around
-, 3 cents pound and little copper
is said to be available for secon
quarter delivery under 81 cents. These
are unprecedented records of sales
and prices. In the 80 days ended Nov.
20 the price of electrolytic copper for
delivery 80 days ahead rose cents a
pound, and the level from which the
upturn began was higher than the met,
al sold in any other year..
The question, as the price apex
close at hand? ?" was discussed in cop
per circles last week. The sharp rise
of recent weeks was of the sort to
impress observers that no limit could
yet be set for prices yet an examina-
ton of production figures has made
some statisticans ponder the matter
at length. The major refining compa-
MES are working to increase capacity
as rapidly as possible; the mines have
displayed fairly steady increases in
output month by month all this year.
The brass foundries have been report
ed busy at capacity-24 hours day
for six months. and it is impossible to
say whether they will be able to in
crease their consumption of copper
materially within the next year.
In the opinion of copper men the
price level and the refinery output
will be governed by the progress OIL
the war. AS long as munition fac
tories at home and abroad continue to
absorb the metal, producers say, there
is no factor in sight to offset this as
an influence on prices. In other words,
the men who turn out the copper do
not expect any sizeable reduction in
prices while the demands Of war bus
mess keep up. A slaekening of the
war demand would, it is said, mark
down the present level for some dis
lance at least. IT might, also, tend to
tcurtail operations at the mines.
Prices of copper nave now reached
the stage" says Copper Gossip, which
will prompt conservative manufacture.
ers to require absolutely sound basic
reasons for any further advance in
market values. OF course, it is con-
ceded that war conditions have made
the whole world eager for unprece-
dented quantities of copper, but the
pressure of extraordinary business re
quirements may be materially reduc-
ed wnen peace reigns again. It is o.
! yiously certain that if business activ-
lity is to continue at a maximum pace
/ in copper the cost of the raw metar
must be kept within reasonable linn
rs ine progress of manufacturing
developments is closely linked up
with market movements, and senti-
mem in Industrial circles exists that
/ recent copper prices are quite high
enough Quotations have advanced
briskly to the accompaniment of a phe-
nomenal demand, but unless domestic
consumption and export trade are able
( to absorb fully 200.000,000 pounds of
I CONFER per month during the year
4 1917 il would seem as if market nri-
/ ces are approximating their zenith.
In spite of tremendous shipments OF
copper from this side to Europe in
recent months, England and France
have been forced TO cut heavily into
accumulated stocks. On Nov. / the
public stocks in these countries were
I only 545S tons. compared with 1898
tons two years ago. Supplies receiv-
ed in England and France in the Il
months ended Oct. 81 were 44S.23S
tons and in the same period deliver.
les to manufacturers 463,015 tons, the
difference between the totals coming
from stocks.