Douglas daily dispatch., 1926-07-20
Weekly Copper ReOielO
BY CHARLES r WILLIS
Editor, The Mining journal
Phoenix, Arizona

PhOemIXs Arizona
There has been very definite i'm
provement in the coppefaprice during
the past week, raising the price to
IA 1904 Ia. This has undoubtedly
been caused by considerably better
sales of the metal, a more active de-
mand and also by the fact that the
launching of the organization for the
sale of foreign copper is now assured.
The start of this organization. was
under the name Copper Export. Trad
ing company, but it is stated that they
are to sail under new name-the
Association of Copper Exporters. Dur
ing the past couple of weeks all OBJ
stacles that remained in the way OF
the launching of this association have
been removed, and it is expected to
go into operation during the current
month.
This organization, which will do no
more business, with traders and fspecu-
lators, but confine it's dealings to di-
rect transactions with the foreign
consumers, is of great Importance to
the copper situation and is the basis
for the belief that the last half of
1926 will not see the depressed condi-
tion as experienced in the first half,
nor will it see as low an average
price of the metal
The announcement of June figures
on consumption, production and SUR
plus has also had it's effect upon the
raising of the copper price, for the
statistical record for that month
showed an Improvement on every
count s'@
Production from North and South
America increased about 5000 tons,
as the June production totaled 49,,
743 tons for the month. This is not
quite as high as in October of last
year or March of this year, both OF
which months marked the start of an
other period of depression. This shows
daily average production so far this
year of 1891 tons, as against S,7O5
tons last year 1856 in 1924 and S,1S9
in 1928
While exports dropped in June about
1000 tons. from the high records OF
the past several months, this was
more than equalized by the fact that
domestic consumption took "a jump
upward from 73,197 tons in May to
,206 tons in June. This made a to-
tai of 12O,O16 tons consumed, as
against 116J743 tons produced, thus
again dropping the surplus down to
66,096 tons, the lowest point since the
war.
The copper surplus at 66,096 otns,
or just about what the United States
uses in three weeks and what it con-
sumes and exports in Tess than two
sin and undoubtedly was a contrib
uting factor to the price increase. ~
A dispatch from the east stated
that it was now impossible for lfhe
selling agencies to deliver to the fab
ricators all of the copper contracted
for delivery during the month OF,
July. The dispatch continues: They
will probably find, it impossible to
supply all the copper required yb the
fabricators in August, also There is,
a shortage of copper facing the in-
dustry and the trade does not realize
it as yet" 2R Tas
With the publication of "a resolu-i
tion. 'front.' the Utah chapter. of the
American Mining congress declaring
itself .againts the proposed atariff on
copper, there has been further dis
cussion of it with the majority of the
producers of the west apparently fail
ing to see where it would accomplish
anything.
A tariff on copper will neither help
nor harm the American producers for
some time to come, according to Wal
ter Douglas, president of the PhelpsI
Dodge corporation, who was recently
interviewed on the subject.
American consumption of copper is,
not yet at a point where it equals
domestict production, Rnd until that
point is reached the American pro-
Queer cannot benefit from a protec-
tive tariff the Phelps Dodge president
continued.
He told of immense quantities oil
-frabricated copper which We're
being exported, and which could not
be figures in copper expectations, all
though they had a bearing on the ra 4
ito between domestic production and
consumption. But he expressed the
opinion that a protective tariff would
not hurt American producers and1
might be advisable in the future i'll
consumption began to eX-
ceed the production. The question:
now facing the American producers
is keeping costs as low as possible inl
order to market the metal withoutI
loss and to increase the consumption!
in all ways possible.
Spaj, the English artist, recently
hold in london an exhibition of pic /