Douglas daily dispatch., 1927-04-26
NINE

done and it was only the extent in
which the consumers were interested,
but the figures on shipments were far
and beyond what any one had expected
in view of the published reports -.of
the past six weeks on the dullness of
the copper market.
One would think from the reports
that have been current during the past
six weeks that no copper was being
bought at all, yet the March figures
appear far better than these reports
indicated. The Copper that was ex-
ported during March totaled 49,767
tons, as against 4S,13O tons in January,
another S1-day month, and 42,690 tons
in February, when reports showed the
buyers fell all over themselves to get
the metal.
The same thing is shown in domestic
shipments, for 7S,94S tons were shipped
during March, as against 76,49S tons in
January and 65,564 tons in February
These figures would rather look as
though some propaganda was in evil
dence during the past six weeks rela-
tive to the consumers being away on q
vacation rather than buying copper.
The figures on production, exports,
domestic shipments and refined sur
plus could not help but strengthen the
copper market, for they are very fa-
vorable, and, with a continuation of
the curtailment, there is every reason
to see copper take several price ad-
vances. The consumers now know that
the reports of curtailment were real.
1t is worthy of note that the March
shipments of domestic copper were in
excess of any month since August and
were only exceeded by August and
March of last year. Export shipments
were exceeded in October and Decem-
Der of 1926, but the March shipments
were larger than any other months of
1926 or 1927.
The shipment figures for March seem
so far out Of line with expectations
based upon reports of "slow sales"
dull market" etc, that it would seem
that it must be a mental condition
existing that causes the impression of
slow selling. The intensive activity of
February with a number of large vol
ume sales followed by period of few,
or no. large volume orders might make
the market seem dull if person for
gets about the hundreds Of users of
copper who are using it every day and
buying it in a less spectacular way
than the seeking of bid on millions
of pounds in a single order.
The March figures on shipments
indicate great degree Of stabilization
of purchases, for, without a buying
movement and even with what ap-
peared to be an anti-buying movement,
an immense amount of copper was
moved.
The reports are that copper move
ments to Europe are starting out well
for the first half of April. There is an
active competition existing among the
brass and tube mills of Great Britain
and Germany, and it has so stimulated
business in these lines that they report
unusually large bookings. Another
European demand which has shown
up large is the call for rough copper
to be used for the manufacture of cop
per sulphate for use in the grape
country OF southern EUROPE.
While copper has reacted to
strengthened position upon the publi-
cation of March statistics lead and
zinc have had the reverse reaction. as
the conditions show more unfavorably
for these metals. Refined lead pro-
duction increased from 1924 tons in
January to 81,313 tons in March. The
crude lead output increased from TO-
500 tons in January to 84,602 tons in
March, and the refined lead stocks now
amount to 41,047 tons, as against
$1,000 tons the beginning of the year.
The result has been a weakening of
the lead price to a figure that is lower
than the buyers have had for a long
while Although the American Smelt-
ing and Refining company has MAIN
tanned their contract price at 1895, there
has been plenty of lead to be moved at
a far lower figure. The last quoted
price is Z.
1t is evident that lead is being pro-
duced in excess of the needs and that
the lead mines will have to follow the
example of the copper mines and cut
off production for a while.
Zinc also is very weak in price,
dropping to $50. The March figures
showed about the same rate of pro-
duction as during February and ship
ments about the same with a conse-
quent increase again of zinc stocks.
During March the zinc smelters
started to curtail production somewhat,
but the effect of this will not be
evident for another month and there is
every reason to expect some improve
ment in the zinc situation. While
business in zinc is reported as good,
it is not good enough to take all Of
the zinc being produced.