Show f yd FUTURE COPPER IS SOLD IN AN E l Nearly 95 Per Cent of Production Production Production Pro Pro- for First Half of 1917 Is Already Contracted ConN Contra Con- Con N tra traded ed For i Tile Fite The copper trade estimates tha that nearly 95 15 per pel c cent ent nt of of f. f the expected output outPut ut utin of 1917 has been beets sold sold in the first half In advance Metal for delivery In the the I first quarter quarter of i next next year year years year's s lot Q quoted d' d dar und cents a pound and little ar around 32 12 copper copper Is fa said to be available for second I quarter delivery under 31 cents These are arc unprecedented records of or sales and November November November Novem Novem- pries price In the tile thirty days ended for electrolytic copper ber 20 the price ot or ahead rose 5 o delivery ninety days level from which and the cents a a. pound than the them the upturn be been was higher m metal t s sold In any other year yer t I The question S rOI Is the price ico apex close circles circles cir clr- at han hand was ln copper week The sharp rise of oC recent last cles Cob Cob- weeks was 1 of t the sort to impress observers observers ob ob- servers that no limit could yet ret be set Bet for prices yet ret an examination of oC Production production Pro pro- ponder ponders figures then the has matter matter made ome a ome at e length length statisticians statisticians statis statis- work woric- working The major refining companies are rapidly as capacity as Ing to Increase possible the mines have displayed I fairly steady stead increases in output month by month all this year ear The brass I foundries have been reported busy at capacity twenty four twenty four hours a day for day for six months and It is impossible to say whether they will be he able to Increase I their consumption of oC copper materially within the next nest year In the opinion of copper men the price level and the refinery output will be of the war governed by the progress As Ac long as factories at home and abroad continue to to absorb the metal producers st say there is no factor in sight to offset this as an influence on prices In other words the men who turn out outtIe the tI copper do clo not expect any sizeable reduction in prices while the demands of or ar ar business business' keep u up upA A slackening of rhe he war demand would would It is said markdown mark marlc Sown down the present level for some distance a least t It might night also tend to curtail op operations at the mines prices of copper have now reached he e stage says Copper Gossip which I prompt conservative manufacturers to to require absolutely sound Round basic reasons reasons rea rea- I sons S for II n further ad advance vance in market values Of or course it Is conceded that I war conditions have made the whole i world eager for unprecedented quantities of or copper opper but the pressure of extraordinary extraordinary extraordinary business requirements may be materially reduced when peace reigns again It is certain that if iC business activity Is to continue at ht a am m u pace in copper the cost of I RP hep he raw material l Jf reduced when p peace reigns again It is obviously certain that if Ir business activity is to continue at a pace in copper the cost of f the raw metal must be kept within reason able limits The progress of manufacturing manufacturing turing turin development developments Is Closely linked d dIP up IP with market movements and sentiment In Indu industrial trial circles exists that recent copper opper prices are quite high enough h. Quotations 1 have advanced briskly to the accompaniment of or a phenomenal dehut de- de denI derid nI rid nd but hut unless dom domestic consumption export nt export trade are able to absorb fully funy pounds of copper per month tl the year ear 1917 it would seem as if market prices are approximating their zenith In In An spite of tremendous shipments of or cop from t this l side of Europe in reCent recent re- re copper er cent fe I d Cent months I England gi and France have been forced to cut heavily Into accumulated accumulated stocks On November 1 the public pubs pub pub- 6 lie lic SS s S stocks tons II cl compared In these d with countries I were tons I S SOt Ot only two years y ars ago Supplies received in England and IId France Frame in the twelve t elve months ended October 31 a were tons and in the mme period deliveries to m manufacturers tons toniJ the difference between the totals coming from stocks An indication as t to the way production tion in this country has expanded this y year yar ar to 10 supply the needs of Europe and andu u tho United States Is supplied in ht comparative com eem- figures The Anaconda Copper company produced in the ten months ended with October pounds pounds' of the metal a n. gain of pounds ov r l' the same 1 period last year ear If Ie the theL pace c of the earlier ar months is maintained t L in g e e and eJ T December b mt the company com com- company pany llY will produce nearly 3 pounds this year against r pounds in io 1915 The Utah Cooper Coop r company reported pounds of ot copper made maden h In n 1915 1016 and nd estimates for Jor for point 4 Coward ward 2 pounds Increases rel relatively rel- rel I as large as s these are being scored by the the Chino Ra Ray Consolidated Granby ranby and other othel concerns while the ther r American Smelting lin k Refining comp com- com J p ny despite the paralysis of its it GUT a 4 properties proper ties Is doing a greater busl- busl na J than ever before t Brass cannot lannot be he made without zinc fl aft d f for r this rea reason on much attention has hash h been n P pail the zinc market during the thet theten t ten n clays las The Tha met metal l sold as low 3 as e chat rent a a. 1 pound In September and ando o ei production was t talked about at that t The Thc approach li of or winter brought change over the market Cold V e earh- earh this month caused a a. at er ec t of Missouri l plants plant which use uses glas s II fuel ruel to clo close cloe e down and It was In to the the trade e that low temperatUres tempera- tempera tares tUres coming ear earlier ler than usual this r dear JK ar would reduce the output of many man V i of other er reducing concerns The result resultS resultS' w ass S S' a sharp rise which carried the then price to 0 U 3 cents Tha i ns point toward interesting d dr In the zinc situation this situation this also IUso how however ver depe depending ding nn on the tle con con- of extraordinary brass manu manit- for war purposes R Tn the tile rade tade it is Is' Is th said that not 1 more than 30 M J JI pr r cent cem of the e expected expect output in t this hi s during the first half of next year r has been ben been contracted for and eon on Tone Tun's 30 last productive capacity capacity- Uy was wass s said to he be no more than equal al to manufacturing man man- requirements There were pre then r tors in operation wit with h M An n segregate aggregate lI gre ate annual capacity of about abou f 0 tons As Af lone Ions II us as the metal hov- hov teel between 15 Hi and 20 cents a I pou pound d producers n continued to o make mAlce plans mans for easing eash facilities but the drop to a aI I l el l under 9 0 I rents ent is supposed to have retarded maj l f expansion work The question remains to be solved whether the actual output next year ear will wall l' l be equal to the demand |