The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-18
LABOR PLAYS PART
IN UPSET OF COPPER
Helps to Reduce Consumption
and Cause Drop in Price
Of Metal.
FLUCTUATIONS IN TIN

Auo iaUOr eicment 10 ono OF tne prlmo
factors in the copper situation to-day.
being largely responsible for the unset
tied condition Of the industry. Higher
wages. shorter hours and ineficiency
have resulted In decreased operations at
h works and less heavy consumption Of
copper. The latter fact is reflected In
requests { defer shipments Of copper
on contracts and the free offering of
metal In the open market for resale.
With scarcely any demand and more
pressure to sell. prices dropped Ic. a
pound last week. II Is not a drive
against the market TO establish lower
prices upon which TO make further pur-
chases, but a natural effort to realize
on a temporary burdensome surplus.
On the other hand the large producing
interests II called upon to make ieliv-
cries upon all contracts would have in
adequate supplies. As II is the Ana.
conda Copper Company will have difl-
Guilty to meet its juno obligations. 1t
would be easy TO purchase supplies In the
open market. however. TO cover any
shortage. 1t Is estimated that stocks in
producers. lands outside Of the largest
interest is not much more than 10000
900 pounds. but probably as much II
not more Is seeking a market through
second hands.
wait for Returning Demand.
II is easy to understand that large
producers, occupying strong positions
statistically. as we'll as commercially.
are making no effort to sell, confident
OF a returning foreign demand. runors
Of which have been in the air for two
weeks. Producers nominal asking prices.
however, are . to 2igc. "A pound above
the sctual trading basis in the ocen
market. sales Of electrolytic having been
. made during the week at - TO .'.tc'
fov nearby and at 26i2 to 2sNc. Tor
September and later positions during the
balance Of the year.
Exports last week were again heavy.
Shipments on contract to Great Britain.
France and Italy aggregated s,1o5 tons
making the total foreign shipments since
the first Of June 1887 tons. II Is
evident that the June foreign movement
will compensate for the heavy falling on
during May. and that the exports during
the first half OF this year will fan nut
little, II any. short Of the total foreign
shipments during the first half OF 1919
when They were more han $4,000 tons.
It is an interesting fact. that during
the first FIVE months OF this year Franc
took 1000 tons more American copper
than during IRE corresponding period
last year. Italy % about the same
tonnage In 1916 as 1t took in 1918, hut
shipments TO the United Kingdom were
only about one-half what they were last
year. Because OF this latter fact Stocks
Of standard copper in Great Britain have
decreased recently. In the past FORT
night stocks in European warehouses de-
creased lO3 tons. the total being s,45?
Nons M the middle of the month. Sup
piles afoat from Crle and Australia
decreased 1900 tons. but copper afoat
from the United states has been largely
Increased. Electrolytic copper at Lon
don declined e.. being now nominally
held ct Gao. while standard copper broke
flo on spot and 80 on futures At the
close Of the week spot standard was
held at f1l3. and future standard at
fliO, u prices are entirely nominal.
with no sales reported.
Violent Fluctuations In Tin.
Tin was subject to violent huctua-
lions in the foreign markets. while the
domestic market was dull, weak. unset
tied and irregular. Spot tin at New
York dropped . TO @isc. per pound be-
cause OF the larger supply, freer ofer-
ings and light demand. Future posi-
lions were also weak and lac. q &c. per
DOuHu lbNtI. ' wa 'N
buying on American account at the
Straits. Very heavy shipments from the
East Indies helped the downward move
ment and an accumulated surplus at
London had a depressing effect upon that
market.
Consumption of tin In this country
continues at a record breaking rate,
largely because Of the enormous rroduc-
ton Of tin plate. the demand for hitch
-~.N1 ,s nnrnNndarFnh
Toward the close OF the week some
American consumers were taking advan-
tage Of the low prices quoted on fu-
ture deliveries OF tin In primary mar
kets to place contracts.
The result Of the frequent and sud
den sharp fluctuations In the Londor
market wal a break OF 80 los. on the
spot Straits and on future standard tin
while spot standard broke 60 l5s. The
Singapore market broke IS los. up tc
Friday. when sales of spot straits were
made at Else, which was f3 higher thar
the London market, TIL latter wac
weak at fl79 for spot. Standard CLOSED
At fl7S for spot and f17S los. for fu'
lures.
Spot Straits tin at New York was
held at Al C. at the close Of the week
June at 4l14 to 4li3c. July at Al. Au,
gust at 4oIac., September at 40 and
Oct0oSf, november ana December ar
rivals at 80 to 39iac. per pound,
Spelter was heavy. weak and lower
with free offerings by producing inter
ests n pressure TO sell by second
hands. resulting in a break OF &c. &c
1c. per pound on all positions. Some
little export business was transacted
md, at the close of the week. the situa'
ton was less unsettled, with spot and
juno shipments held somewhat more
steadily at 12&c c. to lac. July At l2i2c.
August at l2c., September at II iac, and
fourth quarter at lie, East st, Louis
The London market receded e. on spo'
and fl on futures. spot closing at f6t
and futures at $50.
Lead was dull and unsettled. and
after a temporary steadiness. caused
by rumors OF large export sales, which
proved untrue. dropped Is to 90 points
The few orders placed were taken b,
independent producers at IS per ton UNI
der the trust price. At the close Of the
week spot June and July shipments
were offered at B.65 to go at East st
Louis and 10 points less at New York
London declined rs. Cd. on spot to f31
Ia. 3d.. and futures receded bs. to f31.