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Show COPPER MOVES UP. Reaches the Highest Point in Many Moons on Local Market. The woek in tho metal market opened with casting copper showing a gain of two polnt3 over the closo on Saturday, and with the settling price at tho local windows win-dows ruling at 11 cents a pound. Tho point Is the highest to which the product In this form has rallied since April of last year, when from H, It was marked down to 13. with 11 paid for It a week later. Around these figures It hovered for about thirty days, when the sparring between tho metal-sellers and the consumer was begun, and. with tho latter gono fishing It was permitted to flatten out to 11 cents. While Its recovery has been pro-voklngly pro-voklngly gradual, there Is not everything to Indlcule furthor advances this on the authority of the most reliable of prophets. Tho Mining Gazette of Houghton. Mich., which Is In touch at all hours with tho producers of tho Lake Superior region, says- "The recent sensational advance in tho metal market has given rise to tho suspl-clou suspl-clou that the ruling factors of late have not been thoso of supply and demand, and that, to some extent, manipulative tactics havo been Indulged In. This suspicion is not supported by information received from any quarter, but neither was It on tho ovo of tho period when the fallacy of the 17-cent copper market was exposed. "But If tho metal markot Is now being manipulated, such procedure has probably been made possible from the fact that tho ovallablo supply is limited, In the evont of which tho danger of a ruinous break In the copper share market Is entirely eliminated. The situation locally furnishes fur-nishes the most convincing proof that there exists an alarming scarcity of Lake copper." In an exhibit prepared bv tho Engineering Engineer-ing and Mining Journal of New York, It Is shown that tho stock of copper on hand cn November 1 wos confined to BS.120 long tons. "Tho production this year will show a caln of at least 10 per cent, this increase chlolly from tho Lake Superior country, Arizona and Utah. However, all the large producers are sold up, most of them foi somo months ahead, and there Is practically practi-cally no copper to spare. Thoso figures indicato that tho present position of copper cop-per Is strong. There seems to be no doubt that recent advances In tho metal must be held. It Is quite possible, indeed, that speculation may Intervene and forco prices up to a point which must bo followed fol-lowed by reaction Such a"movomont. however, would bo only temporary, and would not affect tho undcilving strength of jhe position. " Locally, the feeling Is general that tho price of the metal will bo marked up another an-other point or two before tho closo of the year. |