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Show PRODUCTION RATE TO MIE COPPER PRICE Local interest has been attracted by the steadily mounting prices quoted for copper. Predictions made by producers that the price of the metal would make a speedy increase have been 'most satisfactorily satis-factorily borne out by recent advances. Yesterday prices bid on the New York metal market show the following improvement im-provement over those of Monday; Spot and July prices have made a one point increase; August one point; September one and one-half points; October one and one-eighth points; the same for November; Novem-ber; and one and one-half points for Le-ce Le-ce ruber. In addition to these advances, which gives reason for optimism in regard re-gard to the future of mining, the local settlement set-tlement price for copper quoted last nigJU was Jr.). 7-5, which compared with $ 1 8. IJ 75, that for last week, shows an increase of seventy-five points on the hundredweight. Ju regard to the future of the copper prices, the Boston News Bureau states the following: "Production will, to a very targe extent, determine the price of copper during the next few weks, according to some of the best posted men in the industry." says the Boston News Bureau. "Notwithstanding "Notwith-standing the existence of a large quantity quan-tity of unsold metal above ground, the labor unrest now prevalent at . some of the important producing centers and the possibility of shutdowns through strikes have tended to give the copper market new strength. "A good demand for copper has added large quantities to the sales sheets of various va-rious agencies, but tho aggregate has not been sufficient to bring down tho surplus sur-plus materially. Further curtailment, however, with continued purchases would make itself felt very forcibly. "During the last two or three weeks there has developed a inquiry for fair tonnages of copper from Scandinavian count ries and Holland, all or most of which would probably sift through into Germany. None of it lias come direct from German sources. There remains to be settled, however, the matter of credits. cred-its. "Thus far the 'hole' which lias beeu started in th copper surplus of the United Unit-ed States has been more theoretical than real. The big sales of the past few months called for deliveries to commence in July. These have now gotten under way. Shipments made during the second quarter of the year, while improving materially ma-terially over Ihe preceding months of the year, were relatively unimportant. "Were the 'sales' of the past three months measured against surplus there would have resulted by this time a substantial sub-stantial cut in surplus stocks. Only after deliveries have started in big volume, however, can reductions be looked for. "Wire manufacturers are the best buyers buy-ers of the metal and their efforts to ob- f.fiin copper simultaneously have been quite in line with producers' plans to advance ad-vance the market. The agencies and producing interests not members of the Copper Export association asso-ciation have be-in coming more in competition compe-tition with that organization and have been underselling the larger factors in the export market." |