New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-08-03
Spectators Sway
Local Metal Market.
Taking Large Profits
Explorers Ship Copper to
Scandinavia, Germany
and Holland, While Japan
Buys Tin

copper, lead and zinc acquired by
secondhand dealers during the sudden
sharp rise of the past two months
dominated the non ferrous metal mar
ket last week. When buying by the
consumers diminished, after the recent
large purchases, these dealers and
spectators were able to realize on
their holding by offering supplies at
prices below the quotations of pro-
ducers. Another factor in the reselling
was the approach of the end of the
month, bringing near the August de-
livery specified in many contrhcts.
Rather than accept these deliveries the
outsiders wanted to get rid of the
metal.
Despite activities by outside sellers,
producers of copper and lead were able
to maintain the prices reached during
the recent rise, with the result that
there have been two distinct markets
in these metals-the producers or
ma or market and that of the outside
dealers.
Thus, at the close of the week pro-
ducers were quoting 2350@24c for
electrolytic copper for spot, August
and September deliveries, while sec
onds went to as low as 22.75c for spot
electrolytic on Thursday
Domestic business was on much
smaller scale in copper the last week,
but fair export business was done.
Germany bought some copper direct in
this market, the first Of those long
early in the war. Scandinavian coun-
tries and Holland bought further ton
nages of copper wire and heavy copper
| sheets.
The situation in copper and brass
rolled products showed little change,
prices remaining stationary during the
week. The base price of sheet copper,
hot rolled, is 33.50c a pound, and of
wire, 26.50c to 26.75c.
The leading producer of lead and in
| dependent producers quoted &c, New
York, 5.75c, East St. Louis, for prompt
and August shipment lead. But dealers
offered metal for spot delivery in the
East and for early shipment from the
West at 585c to $500, New York, and
5000 to $3.50, East St. Louis. The
present situation in lead thus shows a
strange contrast with conditions q
week ago, when the leading producer
ers were quoting $500 and higher
Lead buying has diminished somewhat,
particularly for export. Producers be-
lieve it may take week or SO until
the holdings of second hands are liqui-
dated, when the control of the market
will return to the producers.
The zinc market declined abruptly
during the week. Opening on Monday
with sales shade below &c, East St.
on Thursday business was done at
7.40c, East st. Louis, for prompt ship
ment. With the lower prices buyers
showed more interest, especially as it
was felt that slab zinc could not be
produced at such prices with 60 per
cent zinc ore selling at above $50 a ton.
1t was further felt that labor condi-
tons made an ore price of $50 or
higher imperative if supplies were to
be kept up to their present restricted
volume. Japan bought some more zinc.
The American Zinc Institute issued an
announcement explaining the terms un-
der which the government stocks Of
1900 tons Of zinc would be sold to the
public. The stocks comprise 81 900
tons of Grade A and 5000 tons of
Grades B. C and D. The zinc will be
sold on the basis of the current East
St. Louis quotations for prime West
81 for Grade B, and :10c for Grade
c, Grade D being the same as prime
Western. High grade zinc was quoted
S.S71sc, New York. for prompt ship
inent by producers.
The tin market in London advanced
sharply the past week and this strength
was extended to the market here. The
rise in spot and future standard at
London amounted to about SIP ton
during the seven bushes days; to
about 4l3 In spot straits; and to about
/ 310 los in the Singapore price, c. i. f.
London. During the same period the
| American market advanced from about
52.50c for Straits tin for July ship
ment from Singapore, to about 5450c
for the same position week later.
The tin situation continues compli-
Gated by the approach of various dates
when the government lifts restriction
on certain imports. Thus on August l
the ban on imports of tin from coun-
tries of origin was lifted Under this
ruling Lamb Flagg tin may arrive
in this country from England any time
after Friday. This is 50 per cent tin
which is first to compete with the high
priced stocks in this country and now
is quoted 55.50c to b5.75c, c. j. f. New
York. The spot tin here is quoted 69c
to zoe for high grade, 65.50c to 66.5Oc
for 90 per cent. On and after August
10 the War Trade Board will permit
entry of tin from any country regard
less of origin. The first high grade
tin which will arrv Will ciom from
Cenada and England, whre it has been
held pending the lifting Of the en-
barge Such tin is quoted about IS 75c
! to sec, C. i. +. New York The tin mar
ket now is revealing the expected
tendency, that is an advance in the
world market, due to the renewal of
American buying, with an accompany
ing decline in American prices, which
should bring the world markets into
their normal alignment very soon.
Germany has placed further orders
for antimony through New York i'm
porters. for shipment directly from
China via Rotterdam and Copenhagen.
She has also bought some of the white
metal in London Domestic demand
for antimony is brisk and prices firm
at 925c to $500, duty paid, New York.