The Washington times., 1937-04-30

raw pound of yarn cloth remain high ndcat
ing some independent strength in yarns and goods
On the bear side notable that the Indian and stocks
of Indian Bombay larger than anticipated and
bigger crop expected China Reports of better crop pros
poets this country based rains in the Western secton
and the of large quantity of fertilizer Exports are
off Sales gray goods have for time been below the
output of the mills In general speculative buying has been
discouraged by fears that something detaonary Will be done
at Washington.
Aside from the possibilities of crop scares which
during the few months it that there little kel
hood great change prices the probability being
that they will fuctuae rather narrowly until get initiation
business expansion both.
Most steel prices have been extended to the third quarter
this writing likely that they will prevail
although of there nothing prevent rise fall
later on before the third quarter arrives However the higher
price of we'll established and the of coal has in
creased The reaction in scrap appears to be aperng off,
Meanwhile the manufacturing demand for steel is very
large and automobile production has attained record proper
tions that it improbable that the period
of high production hold little later than usual this year,
account of the earlier strike delays.
In addition to active domestic consumption of STEEL there
the foreign demand which always remains as sort of backlog
This suggests the pig Market is that material
which most wanted abroad Pig iron may be called strong
but production has been increased considerably and the
time there has been edown the urgent buying
Scrap prices also weaker 1t thus probable that pig
iron prices will merely hold steady On the whole it looks
like price stability in the iron and steel industry we'll
the summer.
Total April sales of copper will probable around 25
TONS which is not bad in view Of the decline the copper
market during the last two weeks probable
that the setback has cleaned weak
speculative positions While of copper
doubtless covered their requirements for the of the
year. and the buying will thus be smaller that it would
normally be- inclined to guess that the price of copper
will stabilize at around IA cents This only guess, but
cannot forget that the market handled very
lively the rise up until about the 14cen level and also
note that although fears of immediate European have
vanished, the rearmament programs going ahead.
Stocks of lead at the end of March down $4,000
TONS which is less than twon and onehaf months supply
Since lead stocks have been rather large in the past this in
dcates material Improvement Furthermore the price Of
lead cut early and deeply The lead position
to be relatively strong and doubt that the price will eceed
further
The domestic zinc market holds we'll despite liquidation in
London. is true that stocks of zinc have
risen recently and the price of has been reduced little
In March tre production of slab zinc pushed up
large proportions 1t is to be borne in mind however, that
the demand for zinc for gavanizg and brasmakng pur
poses large and do not any to become very
bearish Rarely in the past has the price of begun
sustained reaction until after the decline in stocks has begun
to taper off and show signs period of months of
having reached definite minimum Thus Will zinc might
dip little further, I would not feel like counting it
with any certainty.