Douglas daily dispatch., 1926-11-30
Weekly Copper ReUiew
(By Charles +. WiIIiS, Editor The
Mining JOurnnD.

While the buying of copper is re-
ported to be in better volume and or
! ders are being placed for delivery atl
various times through February of
next year, there has been no indica-
tion of a change in price, as orders
! placed for future delivery are on the
same price at which copper is now
selling, 1874 cents.
Copper for immediate use Is not NOV
ling fast, due partially to the fact that
the end Of the year and Inventories
are approaching, and this indicates
| that we may expect some heavier buy
! ing on domestic account shortly after
the first OF the year Many of the fab
ricatcrs, however, are protecting them
selves on their needs of copper by
placing orders now at current prices
! for future delivery.
Much publicity has been given over
the alleged withdrawal of British cop
per interests from participation in the
world wide marketing of the new Cop
per Exporters, Inc. AS a matter of fact,
this is not withdrawal, but merely
that the British Metals Corporation
have stated that they would be un-
able to take out membership.
Cornelius f. Kelly. president of the
Copper Exporters, Inc, issued the fol-
/ lowing statement:
I CAS- I am advised of the situation,
| the British Metals Corporation has not
withdrawn from Copper Exporters,
me as it never formally became a
member At a meeting of the foreign
associates at Brussels, the corporation
stated that it was operating under
| eertain contracts which made it in
consistent for it to comply with the
/ rules of the association.
! II think the Importance of the de-
! cision of the British Metals Corpora
tion is being magnafied by certain
London interests who are naturally
antagonistic to Copper Exporters, Inc.
The association is functioning smooth
! ly in all of the European and other
export markets"
j There has been decided British an
1 tipathy to the operations of the Cop
per Exporters, Inc, and inasmuch as
the British Metals corporation was or
ganized during the war under gov
ernment subsidy, it was not reasonable
to expect that they would join the
! combine, as it actually was opposed to
1 their interestsi The British Metals
4 corporation are not producers of metal,
but have been merely distributors
brokers in a sense-and the activities
of the Copper Exporters, Inc, do not
find place for the brokers and there
/ fore certain London interests have
Ibeen decidedly opposed to the progress
/ of the Copper Exporters, Inc.
There has been decided change in
IN,
I European countries since starting of
the work of this exporting association,
as there has always been definite
relation between standard copper and
electrolytic copper on the European
market At the. present time the fluc-
Ituations in standard copper do not have
any effect upon the price of electroly-
! tic "copper" which is fixed by the Cop
per Exporters, ms, at 1925 cents at
Havre, and 14.32N cents at London.
One European writer, in explaining
the position of standard copper and
the present situation and lack of re-
Ilation to electrolytic copper, says:
"The standard market has lost its
usefulness and may fall into oblivion.
It's primary Importance in the past was
that it could be used by consumers to
hedge their purchases and also their
; requirements. When bidding for big
contracts they bought standard as in
surance against rise in the price OF
refined, and they often went short of
standard, as a hedge, when they were
,; carrying relatively large working sup
plies of the refined metal. But now
that the standard market cannot be
depended on to move with the price
of electrolytic-now that standard no
longer dominates electrolytic prices
it's value for hedging purposes is gone.
Standard copper, therefore, is coming
Ito be in every way unattractlVe as a
speculation. 1t is good opinion that
I.standard and other rough copper Will
soon come to be considered from no
other standpoint than that of its value
for refining purposes. The standard
"copper" market is an age old British
Iinstitution; it's destruction will not be
allowed to pass without strong pro-
test"
The price of silver is causing some
concern to the mining industry and
I the metal has recently been quoted at
the lowest price touched since 1915
and there is no assurance that it will
! Iapparent that the silver situation lies
largely in the hands of Great Britain
and depending upon the rejection or
acceptance of the Royal Commission OF
India's proposal to sell large quantl-
ties of silver now on hand. While this
will not be aGted uponi until next
April, it has caused an upset in silver
conditions and prices.
While the official contract price OF
lead continues at s cents, there has
been active business at 7.SO cents.
There has been large buying, however,
and there is better general tone TO
the lead market. The buying of con-
siderable stocks by the larger consul
mers indicates that they believe that
the present price is a bargain and that
there is a likelihood of an increase.
Zinc has been quiet with the pro-
ducers generally sold out and no dis
position to sell in advance. What lit
tie metal has been sold ahead is COM
manding higher prices.
TNCDE.r,rV pTRIIC PROSECUTORS