New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-22
Yes'day's Previous "
Metals

Establishments of copper prices con-
time. Some of the larger producers
are now offering July metal at 29hc
a mound. or about &c under previous
" prevailing levels. August and Sep
TENDER copper is being offered at 2S4
2s1hc a pound, compared with 3oc
heretofore asked. I,,I
Conner men say that the recent dui-
ness of the market has been due 10
the unwillingness of buyers and sellers
TO agree on prices. Now tnat SUI
stantial concessions are being uaue'
more activity is expected.
"The Engineering and Mining JouI.
nal" in its current issue, says In@I
the markets for copper, lead ana zlnc
since the declaration of state OF war
between the United States and GER
many have been outwardly dominated
bv the uncertainty created IN the hrsI
place by the offer of the copper pro,
ducers to the government OF small
amount at & greatly reduced price ana
the probability that the zinc end lead
producers would do something similar
"But we think" adds this publica-
ton. that there are conditions more
fundamental that are operating IN
these markets and are leading to the
feeling of hesitation and the weaken
ing tendency in copper and zinc. Long
ago we expressed the conviction that
prices would come down, irrespective
of the continuance of the war, gwen
time enough Not that they would
recede to former low levels, but rather
to new ones corresponding somewhat
to increased costs of production,
which vary in the several cases
"Merely as guesses, we think Of the
increased cost of producing copper on
the average as being perhaps 10 per
cent above what il was just before
tho war; OF lead, 80 per cent; of zinc,
so per cent. Declining prices ought
therefore to be checked for a longer
or shorter period on such elevated
frameworks, which later will be taken
down gradually when the great read
justment begins.
with respect to copper, we cx-
pressed the opinion last December
that Great Britain and France had
probably overbought their require
ments for the first half of 1917 and
that the producers had underesti-
mated their output, and we looked,
therefore, for an easing Of the mar
ket at about this time. Our opinion
as to production was mistaken, pro-
duction having been curtailed by the
strikes in several of the refneri5s
and by the railway congestion. which
caused certain of the refners to have
idle watts, owing to inability to get
raw material.
Nevertheless it is certain that Great
Britain and France do not have TO buy
copper for the second half of 1917 so
early as three months ago was expect
ed, and this is due TO the great econo-
mics in the use of copper, as well as
of other metals, that have been insti-
tuted abroad. And it is these cOndi-
tions, we think, that are producing the
present weakness in copper, not espe-
cially in the nearby which is
still fairly strong owing to the scarcity
of supply, but does not mean anything
owing to the relatively trifing quaint
ties either to be bought or sold-but
rather in the major market; that is,
for delivery in July and later for
which producers want to sell. They do
not readily find buyers, and manifestly
the price must 90 to point where
buyers will be interested.
w e 40 HtL IUlHh NudA lUt OltIlue
of little copper TO the government at
16 2-3 cents had very much TO do with
the present situation except to inspire
some soberer thoughts. OF still less
concern are the ideas that Washington
will commander large supplies of cop
per at that price. We think rather
that both the United States and the
Allies will buy their great supplies Of
copper at the market prce-we do not
see how there can be two prices a
government price and an industrial
price-but the market price probably
will be lower than now, though still
very profitable 10 the producers, for it
will be necessary to maintain produc-
ton at a high rate. The entry OF the
United States into the war will in
crease the demand"
Current spot prices for few OF the
principal metals and metal products,
compared with those prevailing at the
corresponding time Of last year, follow: