Douglas daily dispatch., 1927-07-26
METAL MARKET
HAS STRONGER
TONE In week

! The metal market has shown a
stronger tone and better prices during
! the last few days, following the an
, nouncement of the consumption and
production figures for the month of
June. Copper is now quoted at 1900
/ cents pound, lead $50 and zinc
6.321a.
| The American bureau of metal sta
tistics figures for July showed a
decrease of 11,719 tons in the refined
stocks, but an increase of $3.50 tons
in the combined stocks of blister and
refined. Total crude production in
/ the United States for June amounted
to 69,539 tons as against 71613 tons
for May. The average monthly pro-
duction for the first six months of
1927 is II ,165. The average monthly
production for 1926 was 72,7O9 tons.
Domestic and foreign shipments
amounted to 124,952 tons for the
month of June, leaving the refined
stock at the end of June at 96,36O
| tons. There was more copper shipped
abroad IN June than for many months.
revision of figures was necessary,
; according to the American bureau of
metal statistics, due to an error in one
refinery report. The previous report
showed an increase of 9,744 tons in
total stocks in May, whereas the cor
rect figure should have been 1000 tons.
About 60 per cent Of the reported
stock OF 353983 tons of copper is in
transit from Smelters to refiners and
in process of refining. This is a de-
crease OF 4,653 tons since the first of
the year. At the same time stocks in
Great Britain we're 1892 and 24,676
tons, a decrease of 14,116 tons.
The production of refined copper in
North and South America in the first
six months of 1927 was TAI, 1868 tons.
The worlds production of refined
copper for this period is as yet un-
known, but in 1925 the American re-
finers accounted for BAT per cent of
the total and in 1926 for IS per cent,
and in all probability their ratio in
the first half of 1927 was of about the
same order.
The average production by American
retlnerS in the first half of 1927 was
l2456l tons per month, compared with
about 10000 tons in the IL months
of 1926. The average of the worlds
production in 1926 was 14l, ,262, and in
all probability that average for the
first half of 1927 was 124,561 tons per
month, compared with about 10000
tons in the IL months of 1926. The
average of the worlds production in
1926 was 141, 1862, and in all probability
that average for the first six months
OF 1927 was about 146,500 tons.
The increase in production in the
first half of 1927 was about 81 per
cent, and the absorption of the in
creased production was evinoed by a
din1inution of stocks indicates that
worlds consumption increased at a
slightly higher rate than production,
and even more than the" increase in
consumption in 1926 over 1925, which
was reckoned at about per cent.
Various interpretations are given
relative to the consumption figures
The optimistS point to the 80 '',ot
more copper is being consumed than
is being produced, as indicated by the
decrease in total world stocks of cop
per in recent months; the decrease in
refined stocks of North and South
America and the increase in export
shipments from 46,979 in May to 81, ,487
tons in June. On the --I the
peSSimiSts point out that domestic
shipments were the lowest for any
month since last Decemher c--' 1--we
decrease for four successive months;
that mine production in showing no
tendency to decrease as expected, the
daily rate of production for June being
2,318 tons, Slight increase over the
May figure of 2,31O tons.
Production of lead in the United
States and Mexico showed slight de-
crease. Crude amounted to 8O,374 tons
and refined to 1928 tons. Total stocks
Of refined lead at the end of June
amounted to 48,366, as compared with
So 1863 tons at the first of the month
Production in lead in Utah during the
month showed Slight falling Off Sew
eral of the larger mines reduced work
ing forces and cut down production
in lead ore about so tons a day toward
the latter part of the month. MiScel-
laneous custom ores coming into val
ley Smelters remained about the same.
There was little change in the zinc
Situatiom in the United States for
stocks at the first of July amounted
to 43,858 tons as against 42,858 tons
the first of June. United States pro-
duction for June amounted to 42,046
0nly slight increase over May.
Despite the fact that one hears a
great deal about quiet, or poor busi-
ness, statistics reveal very good
volume of trade, although '-'ttedly
is very severe. The recent
awakening of European demand will
% "a large measure offset the decrease
n domestic. Mr.. George L. Walker,
London correspondent, is quoted as
ollowS:
"In Great Britain brass and copper
Mills are gradually increasing their
activities. There is very good de-
nand for copper sheets, due preSum-
Ibly to the expansion of shipbuilding.
n electrical manufacturing lines busi-
less is again becoming brisk. German
raSs mills are reported running at a
rate, and the German
makers of electric cables have recently
ought increasing amounts of copper.
)rders for over 100 electric locomotives
ave just been placed by the German
of roi VIC