Weekly journal-miner., 1917-03-28
LITTLE COPPER AVAILABLE AT
 38C PRICE
SMALL OFFERINGS ARE AB s O R B E D BY MANU- LECTURERS SHORT OF REQUIREMENTS; SECOND
 QUARTER METAL SCARCE
(From Saturdays Daily.)

(From Saturdays Daily)
 The demand for spot copper still dominates the market The scarcity
 of spot metal is sharply pronounced,
 as much as 3Sc being bid, with very
 little metal available at that price. Business in spot metal is limited, as barely any spot copper IS left, and
 small offerings arc easily absorbed by manufacturers who arc short of
 requirements and arc willing to pay
 the prevailing high prices.
 The scarcity of second quarter
 metal has induced many consumers to
 begin inquiries for third quarter, but
 sales thus far have not been on very
 extensive scale, the total of the past
 weeks orders being about 20,000,000
 pounds for various deliveries from
 March to December, inclusive. It is
 notable that sales arc not being well distributed. some interests having
 small participation in recent transac-
 tions, while others have reported the
 largest sales made at any time since
 the first of the year. This is explain cd by the fact that many of the large producers arc already entirely out of the market
 The continued buying of forward copper by prominent consumers has resulted in small consumers covering their forward requirements.
 No definite inquiry for metal from the Allies has come to hand, but the fact that they will be in the market to cover their needs for second half metal has given the market a buoyant tone. Last year domestic consumers withheld future covering until after the foreign orders had been booked, as result of which in almost every instance they found that they were buying metal on an advancing mar kct. It is this lesson that has induced domestic consumers to buy prior to the entry of foreign consumers into the market. Another factor which has caused a great many of them to hasten purchases was the strike at the refinery Of the Nichols Copper Company. This refinery, one of the largest on the Atlantic coast, has been closed for the past two weeks, and the outlook at the present time is not very favorable for a resumption of operations As the company pro duccs over 100000 pounds of refined copper a day, the sudden cutting of of this copper is likely to affect do- mcstic consumers.
 A big factor in the copper situa- ton is the requirements of Germany and Austria after the war. Germany has always been the largest consum- CT of American copper. and, after such a long period of famine result ing from the war, there can be no doubt that her starved industries will be in need of heavy tonnagcs of metal which nowhere can be supplied quick ! CT than from the United States. While | it will undoubtedly take from four to | six months after the cessation of hos | tilities for the financing of the bcllig- | crcnts, American producers are sold | so far in advance that they will not be affected. In consequence, the pres cnt range of prices, or, at least, close to the present range, should be main taincd for long time after the war.
 While the requirements of Germany after the war are undoubtedly big factor, of equal importance is the fact that most of the copper which has been used in the past few years has been effectually dissipatcd and does not find its way back on the market as scrap or secondhand, as has been he case in normal times.
 Under the unprecedented demand, .hcrc can be no doubt that prices vill be maintained substantially a' present levels. - Ricc's Industrial & Mining Age.