Douglas daily dispatch., 1927-05-24

production in lead and zinc, causing
weakening of the price and excess con-
sumption in copper thereby strengthen
ing that market.
The primary production of copper
America totaled 121, ,l04 tons, which
combined with the secondary copper
showed a larger daily rate of production
than during March SO that it is evi-
dent that the mines were not carrying
their curtailment program any further
than originally announced. The cop
per situation during the month was
saved by the fact that $500 tons went
to export as against 49,767 tons during
March, whereas domestic shipments
only totaled 1892 tons in April and
78,947 tons in March.
The April export shipments we're the
largest since the early part of 1925.
The monthly average for the first four
months of this year has been 49,277
tons, while the monthly average for
1926 was but 43 1922 tons. There seems
to be no question but what there is a
distinctly improved sentiment for
larger European buying this year par
TALLY caused by the work of the Cop
per Exporters, Inc, and partly on ac-
count of better industrial condition in
Europe and particularly in Germany.
The Copper Exporters, Inc, have
about gotten the speculation in electro
lytic copper to the point where it is
improbable in the European countries
and they are now reported to have
overcome the opposition which existed
and are getting the bulk of the business
at their quoted price. Germany has
been particularly heavy into the local
market as they have cut their prices on
brass goods and are getting the bulk of
the business by so doing.
While the consumption of copper in
this country is slightly less than the
rate which was maintained last year,
the year is too young for any predic-
tionS that 1927 will see falling off
for there is but small difference be-
tween the two years. The total ship
mentS, i. e. export and domestic, dur
ing April totaled 1912 tons, which is
the largest individual month since
March, 1926, and a slightly larger daily
rate than that month.
The mine production in the United
States was at the rate of 2,33 tons of
copper per day. This is more than was
produced each day during March but
considerably less than was produced
during January and February It is
evident from the figures for mine pro-
duction in the United States that the
curtailment has been about per cent
and that it is not the intention to go
any lower unless something unforeseen
should occur in consumption.
The buying of copper has been good
and with almost no tendency to fluc-
tuate from the 13 cent price except that
a few orders have been placed at 1875
The producers, however, still seem
willing to sell as far forward as August
at the present market. If there is any
movement upward in the copper price
in the next few weeks it will probably
be but an eighth or not more than a
quarter of a cent.
Lead is reported to be on a more
than usual hand-to-mouth basis, the
buying in small quantities for imme-
diate delivery. This indicates that the
consumers believe that the price is
going still lower and will continue weak
until there is some evidence of cur
tailed production.
While there is a lot of talk about cur
tailment of production in lead, it is not |
yet in evidence in the figures as the
mine production for the United States |
and Mexico totaled 83,984 tons, daily
rate of 2,799 tons, while the rate in !
March was 2,730 tons. The increase
in production came almost entirely !