Douglas daily dispatch., 1927-04-05
METALS MARKET
IN MARCH FALLS
OFF, SAY PRICES

The forecasted March reaction with
slow buying following the intensive
buying of the metals during February
has brought about price decrease all
the way along the line, except in sill
yer. Copper has dropped a to 1919
zinc from 6.75 to 6.50 lead from 1855
to 1856, and silver has come UP slightly
to 56A
Heavy February purchasing and the
covering of the requirements of the
consumers, in many cases for several
months ahead, made certain that March
would be slow buying month, and it
appears that a cutting of prices became
necessary to attract the buyers into the
market.
The past few weeks have been test
as TO the stability of the metal market,
and the consumers have been laying
off waiting for signs of weakness, and
the results have again proven that the
metal,market is not stable, as there al
ways seems to be some who will cut
the prices to get business.
On the face of the figures, it would
appear that the world production of
copper, lead and zinc during February
took quite a drop, but when the COM
parison is made with January, a 31-day
month, as against the 2S-day month, it
is evident that the high rate was being
maintained. There was a slight in
crease in lead and zinc and greater
increase in copper.
There has been a continued curtail-
ing of production during March, but
the full force and effect of the limited
production will not be felt for couple
of months and the market is going to
suffer for a while because of the record
daily production of February. During
the month of February the daily pro-
duction of refined copper was larger
than at any time since the war, and
blister copper production was higher
than any month except November, 1926.
The world production of blister cop
per for February totaled 1912 tons,
as against 143,S37 tons in January, but
the daily rate of production increased
from 4,624 tons in January to 1920
tons in the shorter month. There was
an actual decrease in copper from Mex
leo, Canada and Belgian Congo, but an
increase of considerable proportion
from Chile and Peru, with smaller daily
increases from the United States.
Much of the copper increase in daily
production can be accounted for from
production of the Andes Copper COM
pany, for, whereas 76S tons daily came
from those countries during January,
$40 tons daily was the February rate.
The world output of slab zinc
dropped from 1922 tons during jan
uary to $50 tons in February. The
daily output during January was 1904
tons, as against 1884 tons during Feb
sequence in the production of any Of
the countries furnishing zinc.
There was an apparent drop in the
world production of lead from 13O,732
tons during January to 119,O84 tons
during February, but the daily produc-
tion records the true figures and it is
found that the daily rate during jan
uary was 4,217 tons and during Feb
ruary 4,253 tons. There was "a daily
increase in both the United States and
Mexico, the two largest producing
countries.
1t has been whole month of quiet
ness in copper buying for domestic
consumption and there seems to be
some doubt among the fabricators as
to the authenticity of production cur
tailment reports and they do not seem
to be alarmed.
Europe, on the other hand, is taking
the curtailing of copper production
more seriously, according to reports
from London, and the volume of buy
ing orders has been increased. The
conditions abroad are distinctly more
favorable to a continued increase in
consumption this year with better
business in Great Britain, Germany
and France, and they are concerned
about getting the copper they need at
reasonable prices.
It now seems that, when the March
figures are made public, the exports
will show high, as the exports from
New York alone have been much higher
than usual. Germany, Belgium, Italy
and England have been the heavy pur-
chasers, while France has been draw