Salt Lake Tribune | 1919-11-21 | Page 18 | Price of Red Metal Continues Decline

PRICE OF RED METAL CONTINUES DECLINE No improvement is noted in the position posi-tion of copper; prices as quoted for the week ended November 19 by the Engineering Engi-neering and Mining Journal, and furnished fur-nished by the Utah Ore Sampling com-panv com-panv show steady weakening. Tho closing price paid on tho New Yurk market mar-ket on Wednesday was JlH.437u, as compared com-pared with a close of $20,312 lor tho week of November 12: the average price was 519. S65 as compared with $20. Cob for the week before. , Spelter showed a better tone; a closing clos-ing price was made at $7.80, which compares com-pares favorably with $7,925 for the week previous; the average price was $7,883. which shows a 7-cent rise when compared com-pared with last 'week's average of 57.S13. Should thero be no material improvement improve-ment lu the near future in the demand for the red metal, there will be further curtailment of copper production among some of the larger companies, says the Boston News Bureau. Whether complete shut-down will be resorted to or a further cut to ahout a '5 per cent of normal basis, remains to be decided, but the fact remains that I the mining industry is distressed by the lack of inquiry for its product. Stocks of unsold copper which were vary large at the beginning of the year have since increased. Por the most part (he burden of carrying the copper has been borne hv the United Metals Selling company, American Smelting. & Refining company and the Phelps-Dodge corporation. cor-poration. . i . Dividends this year will be paid in large part from surplus, as the actual business done was confined to spasmodic sales effected during three fairly active mouths. A considerable amount of copper was exported to Europe on consignment, but Hi is movement has stopped. The foreigners foreign-ers have had their own government stocks to draw upon for- all except wire requirements; the domestic market lias been sluggish, with requirements being absorbed only on a hand-to-mouth basis.