Salt Lake Telegram | 1935-05-13 | Page 9 | Copper Boost Hailed in Utah

COPPER BOOST HAILED IN UTAH I Producers See Sign of Better Market Utah h copper producers Monday voiced satisfaction as a result pi ot of the increase the the in-the price pric of copper copper for export to 8 cents a 11 pound They viewed the increase however chiefly chiefly chiefly chief chief- ly as evidence that the world market market market mar mar- ket is improving rather than as promising extensive immediate benefits D. D D D. Moffat vice president and general manager of the Utah Copper Copper Copper Cop Cop- per company said the increase in inthe inthe inthe the export price undoubtedly would help domestic producers but not notto notto notto to the extent that would justify them in increasing asing production or payrolls We Ve can expect no great Improvement improvement improvement improve improve- ment in the copper situation said Mr until old stocks are materially reduced On December 31 31 1934 surplus copper stocks to totaled totaled totaled to- to tons which is about aboul 75 per cent of the total domestic consumption last year We Ve are making headway in reducing this this' surplus but we still have a long longway longway longway way to go Mr r. r Moffat also recalled that domestic domestic domestic do do- producers are are prevented from reaping full benefits from the Increase in price by the fact the agreement rece recently ly reached at the New York conference of world producers producers producers pro pro- provided for curtailment of ot exports by American producers