SCRAP COPPER PRICES

Press, Volume XCVI, Issue 28388, 21 September 1957, Page 2

SCRAP COPPER PRICES

Agreement By Parties

' (Nets Zealand Press Association> WELLINGTON, September 20. A formula, said to give reasonable returns to all interested in the sale of scrap copper, will be worked out by the Department of Industries and Commerce within the next two months. The department will be assisted by representatives of interested parties. The secretary of the Electrical Supply Authorities’ Association (Mr N. G. Dunning) said today that yesterday a meeting of the liaison committee of the association. the New Zealand Manufacturers’ Federation and scrap metal merchants had reached unanimity. It is almost certain the department will grant export licences. The agreement reached yesterday came after some years of dispute between the supply authorities and the scrap copper merchants. The authorities had previously charged that the disparity between the New Zealand prices for such copper and the London market prices was too great. In the May issue of its journal, the association said that, in 1955 and 1956, power authorities and the Government had sold about 1000 tons of scrap copper for not much more than £lOO,OOO. At London prices, the same amount would hjve returned £325,000. The export of copper has been forbidden since the early > stages of the war as it was a strategic material. About 18 months ago. the department decided there was sufficient copper in New Zealand to cover the emergency and granted some export licences Prices tended to rise towards those on the London market, but the authorities continued to seek a further closing of the gap.