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Show I SELLING BJEIR COPPER OUTPUT WELL AHEAD The American Smelling and Refining company Is sold ahead until the middle of September and the United Metals Selling company is about tho only agency with any nearby metal In quantity for sale, though recent sales by that company com-pany have largely reduced Its surplus supplies, says tho "Wall Street Journal. Those who distribute copper report that tho domestic demand is unabated The electric companies report business up to nearly normal, and every decline of a quarter of a cent a pound opens new channels for consumption heretofore closed by higher metal prices. Production Produc-tion for July Is expected to show somewhat some-what of a falling oft' from June figures of 127.210.000 pounds, which represent the highest average per diem outturn for any month since the producers began making mak-ing their figures public. The Indicated exports for July are about 58.000,000 pounds, so that with domestic deliveries up to the 63.000,000 pounds of last month, and with even a small decrease In production, pro-duction, the Increase in stocks for the month will be small. Unusual activity In the London warrant war-rant market has been the feature of the copper situation of late. From the 11th to the 22nd of July. 2G.900 tons, or 67,200,-000 67,200,-000 pounds, of the metal were sold, driving driv-ing tho price for spot down 2 a ton to 52 12s Cd, whence It reacted to 51 Cs 3d. The selling was by tired longs and by holders of the metal on "this sldo who disposed of a part of their surplus abroad In order not to demoralize the homo market. mar-ket. Consumers are coming to the viewpoint view-point that 125 cents represents a bottom level for the metal, and If the curtailment curtail-ment plans become somewhat more definite. defi-nite. It Is likely, In view of the understocked under-stocked condition of users of copper, that a buying movement will set in that will go a long way toward clearing up the situation. |