Douglas daily dispatch., 1928-02-19

are in better shape now than during
the last year and that they will un-
doubtedly consume a great deal more
of the metal during 1928,
An unusual feature Of the present
copper situation has been the ability
of the producers TO hold the price
strong and steady in the face of 81. all
domestic demand There has been 70
previous time since the war when this
could have been done for such long
time and it is somewhat of test Of
strength at the present time to keep
it going for several months.
The time invariably comes when
some producer must have cash instead
of copper and they break the market
in an effort to quickly convert their
metal holdings into money. There is
no sign of any weakening as yet and
the whole copper situation is greatly
strengthened by this cooperation on
the part Of the producing units.
Domestic copper sales are reported
as good although they have been be-
low normal since the latter part OF
November and it is certain that the
domestic producers are under bought
copper requirements Hence it is ex-
pected that there will be domestic
buying movement of considerable size
in the next few weeks, The indica-
tions show that it is entirely possible
that there will be squirt in foreign
buying coming simultaneously with
the domestic improvement, condi-
ton which obtained last November and
which caused the price increase.
1t is interesting TO note the figures
on the consumption of copper in GER
tain major copper consuming indus
tries during 1927 as compared with
1926. The reason for a dull 1927 is
evident. Electrical manufactures in
the United States took 100000 tons
during 1926 and 196.500 tons during
1927. There was an improvement.
however, during the latter part of 1927,
in 1927 than in 1926 and building con-
struction consumed 4,100 tons less dur
ing the last year.
The improved foreign conditions were
not alone demonstrated by the copper
that was shipped abroad and manu-
factured on the other side of the At
lantic but is also shown in the copper
used in the United States for manu-
factures Tor export. This was 100 tons
greater in 1927 than in 1926, totaling
$4,000 tons during last year.
Domestic sales of copper during jan
uary totaled only 64,824 tons, con-
siderable falling off from the average
monthly shipments last year, 68,737.
ExnOrtf shiDmentS during January
totaled 56,721 tons which is about 5000
tons above the average Tor 1927 and
Just about equal to the average for the
last six months of 1927
Production for January dropped
from 121 ,683 tons in December to 49,
245 tons IN January and this drop in
production was a great help in main
tanning the statistical position of cop
per- The lowered domestic, demand
would have greatly increased the sur
plus stocks but for the lower produce
ton. AS it was the surplus stocks of
refined copper in the United States
only increased about 1900 tons and
stood at 96,476 tons at the end OF Jan
uary.
Production of copper in January by
countries which furnish about SO per
cent of the worlds output was 140,546
short tons, against 148,961 in Deem
ber, and 143, ,337 in January, 1927.
There is little reason to expect any
material changes in the metal situa-
ton. Copper is strong with tend
ency upwards only SO long as there is
no material increase or the inability
of the producers to --si-'-7| metal