Salt Lake Tribune | 1914-12-30 | Page 8 | Large Copper Sales on 13 1-2 Cent Basis

LARGE COPPER SALES 1 13 -Ml BASIS Smaller Dealers, However, Are Showing Disposition to Shade This Price. Substantial sales of copper havo been made recently at 13 cents per pound, according to one of the leading producers. Just how much of the red metal was disposed dis-posed of at that figure cannot be definitely defi-nitely ascertained, but it is linden-stood that in the asiyrepate several million pounds were involved. From now on until un-til after the turn of the year the trade is not inclined to look for any active buying; but with slock-etakins and in-1 in-1 ventories completed there is likely to develop de-velop a pood business after the New Year's holidays. Although the demand for copper hi a been comparatively light all through the week, a fair amount of business has bf.en transacted and in most crises at prices very near to tlie i:u-cont level established estab-lished a few weeks uiru. Practically all ot the leading producing and selling companies com-panies are quoting the market at 13ii 1"6 cents for electrolytic, but in some cases smaller dealers and second hands have shown a disposition to shade the n I'inYP nuntn tin tie -, i .-. ; j .. (,.... been effected Wednesday as low as 13 1 cmihs a pound, but these transactions cannot be confirmed. Sales have taken pUn-e as low as 13i cents, but the tonnages ton-nages involvo only small amounts and are not a true criterion of market conditions. con-ditions. ' This method of selling by t!io smW dealers generally follows at the nd of every larse buying movement. During the latter part of November and the first half of December, consumers, both foreign for-eign and domestic, were heavy buvers of tlie metal for future delivery, the "as" -prelate sales being estimated at I.jO.Olu'i. Ouo pounds or more. Naturally, with their requirements provided for for several months ahead, consumers withdrew with-drew temporarily from the market, and this was followed by offerings from dealers deal-ers above referred to. Taking all things Into consideration, the statistical position of the metal is considered favnrahlo Pvnnrtu .n-ino- November and December promise to be heavy, while domestic consumption is showing some Improvement, Producers on the other hand are sold well ahead some of them into the latter part of March, and therefore no pressure is expected ex-pected to develop in this quarter of the trade. This, together with the fact that production is to continue at the rale of about ho per cent of the normal, is regarded re-garded in the trade as sufficient cause to expect only a Might reaction in prices from tlie present level.