New-York tribune., 1919-05-18
Copper Improves
With Steelon
Competition Basis
Buying by Various Indus
tries Last Week Made for
Most Active Market This
Lear; Lead Prices Firm

Business in the American copper and
non-ferrous meal markets last week
was on the most active scale of the
year. The volume of metal sold, while
small compared with the transa ctions
during the period of extraordinary de-
mand, was large considering what the
market has been in recent weeks. With
an expanding demand from both do
mestic and foreign consumers, the
trade generally was not only more
hopeful. but found it possible to mark
up the price of spot copper from 1914
to 16 cents a pound At the end of the
week some of the selling agencies we're
quoting copper for July delivery at
1914 cents. Reports yesterday of sales
for delivery that month at 1855 cents
could not be confirmed.
The copper market led the wav in
the general improvement and, accord
ing to THE Daily Iron Trade and Metal
Market Report" several million pounds
of electrolytic copper sold last Thurs
day at 151a cents delivered, at which
price the market had been pegged for
several weeks
Brass Mills Advance Prices
"Since then" says this authority.
the market has advanced to 16 cents
delivered for spot copper, with 1914
cents quoted on June and July deliver
les. Producers refuse to quote beyond
July. AS a result Of the copper ad-
vance, the brass rolling mills advanced
their base prices on copper products
cent pound, and brass products ~
cent, effective May IA and Is. This ad-
vance brought the base price of sheet
copper to $3.50 cents a pound f. o. b.
mill, and on copper wire, 1925 cents.
Copper products prices now are based
on Is cent ingot copper whereas pre-
viousy they had been based on Is cent
copper. The increase in the prices of
metal products was due wholly to the
rise in the price of ingot copper, as
previously the rolling mills had been
keenly for business, shading
their prices as much as cents a pound
in some instances, especially on for
eign orders.
There is no definite news to account
for the Improvement in the copper
market. The coincidence may be
noted that the improvement dates from
the day of the meeting of steel pro-
ducers with representatives Of the
Administration, following
which competitive steel market was
recognized, to the satisfaction Of busi-
ness generally Some foreign inquiry
was in the market, principally from
Japan and Spain, but this, on the
whole, was insignificant
The statistical position of copper
IS unfavorable. World stocks of re
ined copper approximate 2,OOOO0O,O0
pounds, Of which upward of 1900 ,OOO,-
700 pounds are in the hands of Amer
can producers. Production continues
equal 20, if not in excess of, current
In the face of this stu
alton, producers appear to have de-
,ided upon a policy of selling copper
above cost and to wait for consumers,
nasmuch as reductions in quotations
lid not stimulate buying. Among the
consumers who closed good tonnages
asst week were several makers of cleo
rical ipment, wire drawers, cable
makers and at least two important
,rass companies. There has been a
rood demand from Scandinavian coun-
res for wire and cable
Lead Shows Improvement
The lead market also displayed |
marked improvement, the New York
Iuotation at the close of the week be-
ng $40 to 5.15 cents. A little bonded |
cad has been sold for export. The
yorld's visible supply of lead contin-
les large. The British government
tocks IN England. as of May i, were
09,0l2 tons, owing to the transfer of
IS stocks from Australia to England.
/ still has upward of $4,000 tons of
cad in Australia. Stocks of refined
cad in the hands of American pro-
ucers are estimated at about 10000
ons. The government figures show
tccks of bonded lead in this country,
8 Of March 81, Of s7,858 tons of
letallic lead. The white lead and
artery trades continue to take fair
uantities of lead, but the plumbing
rade's demands have not increased ap
recia h1v Of lata