Show I COPPER READY TO ADOPT Industry Still Groggy Fro From m Depression Hopes Co Code do doJ J Will Stimulate NEW YORK April 5 Kin Kins copper still groggy from the blows blow o of the depression is preparing at last to submit to the regimentation of the national recovery administration in inthe inthe the hope that it will be good for him One of the last of major basic material mat ma- industries to agree finaU finally on ona ona a code it has decided through the United States Copper association on ona ona a revised draft which has been sent enl to Washington in the hope of early approval al possibly with some The new code it is understood deals primarily wIth labor problems and does not attempt rigid production production tion control and price fixing Nevertheless Never Never- an indirect effort to control prices through provisions pro against destructive de e price cutting it is hoped ma may bring the price up to around 9 cents a pound In contrast to the prest pres tnt ent price of 8 cents With domestic demand reviving and American copper finding increasing In in- creasing outlets in foreign markets since ince devaluation of the dollar the industry is looking up although still operating at less than hall of capaci capa capa- ci City 1 The current price or of 8 cents a pound represents a decline of nearly a cent from the 1933 peak reached in August but is nearl nearly double the low of little more than a year Jear ago which was 4 4 34 cents Average production costs arc estimated at 86 cents a pound At 8 cents some low cost mInes can show small profits and a number could operate satisfactorily at 9 or 10 cent cents With the extreme low cost of African can production and the current American tariff or of 4 cents a pound the copper trade feels there is little prospect of an carl early rise in the tle domestic do do- price above 10 cents The revival in n automobile and mig mis- manufacturing has definitely improved domestic con sump Hon tion |