The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-08-31
REVIEWING METAL MARKETS.


INNING ana engineering Noflu)
The swing OF metals, which has been
downwards, Is now beginning to turn
the other way. Business and prices
are beginning to increase Confidence
of producers in the future is now be-
ing borne out. Consumers who look
ed for further reaction are Fastening
10 cover. The three principal metals
have received the frat impulse. Cop
per, lead and spelter are once more
receiving attention. Beginning with
La buying movement In copper. the
other metals have felt the first signs
of increased buying. Europe, once
mere furnishes the starting power
Orders for copper for delivery this
year and negotiations for tremendous
block for next year removed the last
yestige of doubt as to the future of
the metal. Retrospection indicates
that the Entente Allies, while main
tanning a good poker face, failed t.
cause American metal interests to So
licit business. Instead producers on
this side sat tight, and the business
Is beginning to come to them as they
expected.
Last May and June Lloyd George is
sued many announcements to the eff
feet that England would soon be in
dependent of the United States with
respect to shells. AS to raw ma
terials bis regulation of the metal mar.
kets was aimed to depress the prices.
Ever since May metal producers raNe
been waiting. They risked great
deal, but are now enjoying the fruits
of their sagacty. Instead of taxing
Lloyd Georges remarks at their full
worth, they used their own deductions
TO show that England must continue
to depend on this country as long as
hostilities continue. Late Ia July or
ders for shell steel began coming
across, and then followed orders for
completed shells. Sine July 20 steel
mills have taken orders for over $780,
are to be made by the end of the first
half of 1917. These orders were fore
runners of an in provement in nom
ferrous metals.
Last week authentic information was
obtained of negotiations for large
block of copper. Estimates place the
total at 800 l0n 900 to 0,o00, 600
pounds Comb.,ied with this develop
ment came orders for copper for de-
livery in tse fourth quarter Russia,
Italy ard Franse fought round lets.
Price" began to look ;p. Domestic
consumers who were allowing their
future needs to go uncovered were
once more caught hey q1,elkly en-
tered the market As a result COZ
per producers are busily engaged in
aklng ordcls. lndica ms are that the
buying movement now gaining mo-
mentum will eclipse the April move
ment. Liquidation of excess holdings
of consumers has ceased. The copper
situation is once more commanding
attention. Electrolytic for the fourth
quarter is being sold at 26h to 26 "a
with spot up to q ". Business for the
first quarter has been done at 26. The
history of the last movement will re-
peat itself. When foreign and dom
este demands are satiated or 3
months hence, copper producers will
have booked orders that will take the
bulk of their output over the first half
of next year.
Lead and spelter have begun to
show Improvement Foreign absorp-
ton of spelter has been heavy and
now lead is being taken in large lots.
The tide is beginning to rise Prices
have reflected the improved demand.
The upward movement will more than
likely continue. While spelter may
never again sell at 25, it is certain
that price of Is can not be beyond
thought Lead may go back to s or 9.
Thus the ore producers of the middle
west who have been glum can look
forward to an early renewal of pros
perity.