Salt Lake Telegram | 1931-06-29 | Page 14 | Copper Jumps to Nine-Cent Level

Copper Jumps to Nine Cent Cent Level NEW V N YORK June Jue 29 W The P The price rice of or copper was wa advanced a a. quarter quarter qua ter of a a cent a n pound today today for the fourth fouth time tle In a n week The rise made the domestic price 9 cents cent a pound delivered and the export quotation cents cent c. c 1 i. f. f European Europen base ports port Foreign sales of the metal this thi morning amoun amounted d to t pounds Meanwhile Wall ValI Val street reports SId said that that agreement finally has 1105 ha been ben reached whereby American production tion ton of oC copper will wi be b further curtailed curtailed cur cur- tailed with wih the possibility that the movement may take on international proportions The reduction is 1 expected to t take the form of cessation of operations at some mines mine and drastic reduction In Inthe Inthe inthe the rate of operations at at others in inline inline line lie with moves recently made mae by hy some of the higher cost producing units uit in i the tile west vest I Indications that the proposal may extend to a further curtailment of offord I ford foreign production especially in South Africa were seen in the report II that Camille Camie Gutt one of or the managing manag manag- ing tog directors of the Union du duHaut duHaut Haut Katanga had ha cooperated in the new plan pla M. M Gutt and M. M Fernand Ferand recently visited the United I States on what wha tat at the tIle time was wa stated their regular semiannual trip At that time there were reports of conferences conferences conferences con con- At between the large lage American Amerian producers African producers and bankers and despite the lack cf ef offiCial official I cial confirmation several mines mies were elo closed ed immediately after the close of the tile conferences Export demand for copper has lias continued continued con con- In heavy volume as a result result of the improved European outlook following fol fol- fol- fol lowing president Hoovers Hoover's debt holiday hollday hol- hol holi holl- day proposal Sales for export on a afew afew afew few occasions have exceeded COO pounds poud daily daly An advance of a quarter of a cent centa a pound in Jn the price of ot bare copper wire to 10 4 4 3 cents in carload lots lot was was Cable announced corporation today toay by General Generl 4