Show COPPER CODE CODE- SEEN AS SURPLUS HEI NEW YORK Feb 20 Th per industry weighed down for foy i years by huge surplus stocks is i awaiting the response to proposed code There There- hope the code may form a basis t f solution The statistical position of co cj improved moderately in 1933 prices recovered to around 9 9 c ca a pound for a time This was wag m ne double the depression low There was some relapse toward end of the year however While metal rallied to 8 8 cents cent last me mc it has now sagged to 8 cents a al which many producers say mean ink Next week hearings begin on code The price recovery some w wago ago as attributed in part to exp tion that a code would be ado soon to eliminate profitless tion This presumably prompted ers to te stock up in an effort to the code The proposed code provides the industry may enter into a ament ment sto regulate production I date surplus stocks or withhold I from the market and the fix mini minJI prices It has been rumored that dec steps might have been taken long except for the antitrust laws Restriction plans were disc with leading world producers In Inand Inand and some progress made towa world agreement but cooperation ended with the Arne Ame tariff on copper in 1932 Formation of a giant pool to bi bithe bIthe the surplus stock has been ru run occasionally but nothing has cot cor it Stocks according to the U States bureau of mines were red 12 per cent in 1933 to pounds still and unwieldy volun Consumption increased last and devaluation of the dollar he After it had appeared that the di tic tic producers were being la is forced out of the world market markel metal from South America and and A Athe the cut in the dollar gave them a foothold Exports in the latter m its of 1933 were running at double of a year earlier |