Weekly journal-miner., 1917-04-04
THIRD QUARTER COPPER BRINGS
 SPOT" PRICE
BUYERS ARE EVIDENTLY OF THE OPINION THAT METAL WILL NOT GO WEIR; PROSPERITY SURE TO CONTINUE.
(From Fridsy's Daily.)


 The feature O! the weeks copper market was the advance in third luarter quotations as a result of sus- aimed buying of metal for that de- livery. While heretofore there has been spread of about Sc between prompt and third-quarter delivery. turing the week the price was ad- vanccd to within lc of prompt deliv- " metal. Prompt is now quoted at 5 to 35IEc per pound. second-quarter t 34H to 35c, and third-quarter at A to 34Ec
 While great many comments were leard as to the cause for the decline n spot electrolytic. this is entirely
 tue to the improvement in the freight ituation, as a result of which large quantities of spot metal which were n route have become available for delivery, causing a temporary excess, which in all probability will undeubt- 'dly resume its upward course.
 In some quarters the decline has been credited to the public announce nent of the concession made by the producers on the governments re- Iuirements of copper for army and navy work This, on the face of 1t, is ridiculous, as the producers have 1ound themselves to furnish only 45,- 10000 pounds during the next l2 months at a price of l6.673oc per pound. This quantity is but trifie over 2 per cent of the estimated out put of the United States for 1917. The price given the government IS, there ore, no criterion by which to gauge he price of the metal for future de- livery. In fact, it is nothing more nor less than patriotic gift to the government in this, the greatest era 1f prosperity which has ever visited he copper industry of the world. The tonnage, in fac., is so small that 1t does not enter as a market factor at il. for it amounts to only half days output per month.
 The copper producers arc to be congratulated for acting in this pub 'ic-spiritcd manner. Incidentally, by -oluutarily granting this concession, hey have rendered t highly improb- -ble that the government will excr- rise control over the copper industry Tn the event of war.
 In other articles it is pointed out hat by furnishing the government copper at fixed price the big con- sumcrs will be free to charge inde- oendents whatever figure the market nay rise to. This, undoubtedly. is a factor on which the far-sighted cap tains of the copper industry have figured.
 From present indications, the worlds copper requirements will con tinue of pronounced magnitude for an indefinite period. Demand from III quarters has broadened at an as- onishing rate. thereby clearly dem 1nstrating that the present rate oi consumption actually justihes the ex- oansion in output during the past few years. The copper industry IS on the best footing ever known in its history. The absorption of the metal has been on such huge scale that it is diffi- cult to obtain any large quantities of spot metal. The market has had a long period of high prices. War de- mand has been effective in bringing about extraordinary advances in prices, and yet underlying conditions are SO strong that it does not seem that bullish factors have forced the selling basis for copper as high as it should go. The trend of the copper market in the near future is undoubt- edly upward. Great as the prosperity of the copper industry has been, it is evident that the era has not yet reach ed its maximum-Rice's Industrial & Mining Age.