Douglas daily dispatch., 1927-12-27

recent analysis showed about 20 per
cent bought for immediate delivery
within this month and II per cent
bought for January delivery.
Production of crude lead in United
States and Mexico during November
amounted to 79,448 tons against 3d.
O65 tons in October and 7S,601 tons in
September Production of refined lead
amounted to 75,3O1 tons in November
against 1865 tons in October and H.
345 tons in September Stocks of re-
fined lead at the end of November
totaled 30,016 tons against 32,258 tons
at the end of october and 37,245 tons
at the close of September.
Copper prdduEtion during Novem-
ber from North and South America
totaled 111,152 tons or daily rate of
3,942 tons as against daily rate OF
4,O3O for October and an average daily
rate for the year of 4,035. Part OF
the November rate was caused by an
increase in scrap copper which totaled
TILT tons during the month when it
has generally been running between
three and four thousand tons monthly.
Exports during November totaled
52,013 tons, not quite as high as the
three previous months, and domestic
shipments totaled 59264 tons. Thus
the total shipments we're some seven
thousand tons less than production and
the surplus stocks of copper have in
creased from 1882 on November to
9O,874 tons on December l.. The re-
r.. oh
supply.
Surplus stocks. of copper in British
warehouses took another drop during
November and now stand at 633 tons
of refined metal and 12,176 tons OF
rough In January, 1925, the stocks
there tota1ed 62,773 tons and in the
two year period they have dropped u
per cent. The reduction of this stock
has eliminated the menace to the Or
derly marketing Of copper by the Cop
per Exporters, Inc, and their work is
now functioning well.
The total production of copper from
North and South America for 1927 is
going to exceed 1926 by probably 4O,-
900 tons based upon the first II months
figures. The. export. shipments are al
ready $4,000 tons in excess of 1926 and
will be over 100000 tons in excess when
the December figures are entered. Do
meStic shipments for 1927 are going to
figure about 10000 tons short OF the
1926 figures and about equal to those
of 1925.
The copper production of Katanga is
alarming some people for there has
been a very rapid advance during the
present year. During November ka-
tanga produced 11,088 tons OF copper
which is far in excess of any previous
month and big jump over February,
1927, when 6,216 tons. were produced,
Katanga has been normally producing
about $500 tons of copper monthly
and it is now striding into a great deal
larger production at time when the
market cannot afford to have produc-
ton materially increased.
Katanga is now producing at the rate
of $4,000 tons annually which gives
some hint of what may be expected
from that property when they com
plete their new railroad to the coast
and install: the improved reduction
equipment Their principal handicap
has been their ability to maintain sui
ficient labor and their present pro-
duction would indicate that this is be-
ing improved.
The copper producers stand IN a
comfortable position with good for
eign demand, a small surplus and the
consumers after the metal and, even
though we may have a slack buying
period following the weeks OF heavy
purchases it can have but little effect
on the market Most of the selling
agencies are not quoting on metal de-
livered after February although the
consumers are generally buying metal
farther ahead right now than they
have done for many months.
Indications point to IA cent copper
throughout. 1928 or possibly better
price provided production for the next
year does not exceed the output for
1927 in the belief of Gordon r. Camp
bell of Calumet, Mich, president OF
the Calumet and Arizona Mining COM
pany.
While he saw no hopes for marked
rise in the price of copper in the near
future, Campbell declared the condi-
tions in the red metal industry were
sound and that Europe is buying
American copper in increased quanti-
ties, with indications that exports to-
Europe will show gradual and con-
stant gain in future years as economic
conditions of nations on that continent
are restored to normal, following a
long period of post war deflation. Ger
many, he pointed out, has been the
greatest consumer of American copper
in the past two years, with England
increasing it's imports of the red metal
as the stock Of standard or rough cop
per has been reduced to normal. The
Increase in the European consumption