Douglas daily dispatch., 1926-09-28
Weekly Copper ReDiew
BY CHARLES H. WILLIS
Editor, The Mining Journal
Phoenix, Arizona

The copper market remains quiet
with transactions in moderate volume
and with no indications of an early
change, either up or down, from the
present price of 14as cents.
While the refinery production of cop
per during August was the largest of
any month this year. being 128,925 tons,
the mine production by United States
mines and the foreign supply to United
States smelters did not show a proper
refinery production, while it made an
increase in the surplus stocks of re-
fined copper, made decrease in the
surplus stocks of all copper above
ground
The total crude production from the
United States mines and foreign supply
to United States smelters totaled 72,-
221 tons, as against 72,22S tons in July,
practically no change. The fact that
the mine production did not increase
while the refinery production and con-
sumption did increase has lessened the
supply of copper in process from 276,-
$40 tons on August 1 to 259,599 tons
on September 1, an Improvement in
statistical position.
The report of the large refinery pro-
duction during August at greater
rate, in fact, than in any period of the
history of the industry, caused consid-
erable perturbation as to whether the
"copper" industry was going to make the
mistake again of last October and
March in increasing production before
consumption reached the place where
the additional copper could be taken
care of, but it is evident from the more
recent figures as to the primary pro
duction of copper that this was not
correct and that the refineries drew
on the stock of blister copper to a con-
siderable extent to get the large Au-
gust production.
The smelter production of copper in
North America during August showed
an increase of only 1,091 tons over July,
which again clearly shows that produc-
ers are making effort to seed up
Operations.
1t is generally reported that the fab
ricators have not covered their needs
far ehead. During July practically all
of the copper of that month, August,
and part of September was purchas-
ed, but it is stated that very little cop
per has been purchased beyond Septem-
ber, and the fabricators laying off the
market was undoubtedly for the pur-
pose of ascertaining whether the rise
in the price of copper from IA to 14h
would induce the producers to mine
additional quantities. With the knowl-
edge now evident that it is not the
intention of the producers to increase
their mining operations and the pub
lication of the August figures to prove
that fact, there will undoubtedly be
more fabricators seek to cover October
and November requirements
There has been a considerable i'm
provement in the industrial and credit
situation in Germany which has re-
suited in Germany being the largest
purchaser of American copper in Au-
gust, taking 9,S11 tons, or 22 72-1OO
per cent of the total exports. Great
Britain was second with 1884 tons, or
19 99-10O per cent. Italy was the third
largest consumer with 1854 tons, or
is 37-100 per cent, and France took
5,447 tons, or 12 62-100 per cent The
order is not the same in the total for
eign consumption of American copper
for the eight months period, as Great
Britain was the largest consumer,
France second and Germany third, to-
falling 74,SO7 tons, 1883 tons and 57,17S i
tons, respectively. 1t is also generally
felt that there will be larger buying
on the part of foreign interests during
the remainder of this year
George L. Walker, close student of
European affairs and European copper
states: The Tightening po-
sition of copper is compelling European I,
consumers to give more serious atten-
tion to the future outlook Buying /
from hand to mouth seemed a good
enough policy while large surplus sup
plies existed, but the reduction in the
worlds stocks during the past. two
years is cat of another color They
are beginning to be convinced now that
the curtailment of production, which
has been the stock argument against
an advance in price, has represented
the producers belief that ore was
worth more in the ground than the
small profit to be made by mining it
and selling the copper at 13 or II
cents"