Weekly journal-miner., 1917-04-18
PRICE OF COPPER THE SUBJECT OF
 SPECULATION
QUESTION IS WHETHER . PRODUCERS WILL HAVE TO FURNISH GOVERN MENT MORE ON THE SIXTEEN CENT BASIS.
iFrom Fridays Daily.)

Spot clectrolytic copper was quot ed at 34c at the close of the week
 unchanged from the previous weeks
 quotation. Large quantities of met
 al at the present time are the sub jcct of considerable negotiation be.
 tween producers and consumers.
 The entrance of the United States into the world struggle has created
 new factor in the copper situation whose full importance is a matter of considerable difference of opinion. While the United States govern ment has already placed orders for 45,OOO,OO0 pounds of copper, which has been conceded to the govern
 ment by the leading producers at a big concession from the ruling sche- dulc of quotations, this is a mere bagatellc in comparison with. the ac- tual requirements in its preparation for entrance into the worldwide struggle now under way. If the con sumption of copper by the Allies is IS any criterion by which 10 gauge the amount of metal required in pre- pairing our own army, the copper producers will be kept operating to capacity indefinitely. The momcn- tous question concerning big produc- ing interests IS the price at which fu- turc requirements of the government will be filled. In some quarters there IS talk that future requirements will be filled on the basis of the price at which the 45,OOO,OOO pounds was furnished. In others it is estimated that further requirements will com mand higher prices, it being pointed out that the huge purchases of the Allies have been at very much higher figures than the price at which the 45,OOO,OOO pounds was furnished to our own government. Not only is the question of the price at which copper is to be furnished a matter that is receiving careful considera- ton, but the supplying of the Allies who are now our allies is question to which the leading interests are giving considerable thought and study.
 The trade in general and cspcci- ally leading producers are unanimous in the opinion that no such reduction in price as a 10 per cent profit is possible in the copper industry, ow- ing to the wide difference in the cost of producing the metal. There are some producers who can turn out copper at 6c per pound. There arc others whose cost of production is close to lSc. Evidently this is a factor which will largely determine the price in the event that the metal markets come under government control, ii they do, a question which IS very doubtful in view of the pa triotic attitude of the leading produc- CTS. Whether lower prices will re- suit or not, the bugaboo of over-pro- ductou Is now effcctually dispellcd. Not only will copper be required in gigantic quantities for munition pur poses, but it will be required in even greater quantities for the construc- ton oi warShipS, merchantmen and other accessories used in the trans portation and preparation of the huge armies which will be put into the field.
 It IS evident that the copper indus try IS on the eve of more scnsa- tional productive career than the rec ord year of 1ol6 and that even if the average price is reduced to the figure at which the patriotic interests have obligated themselves to furnish cop per 10 the government there is still tremendous margin of profit for the producers for years to come Riccs Industrial & Mining Agc.