PRICE OF METALS

Manawatu Standard, Volume LVII, Issue 71, 23 February 1937, Page 2

PRICE OF METALS

SENSATIONAL RISES. EFFECT OF ARMS PROGRAMME. (United Press Association—By Electric Telegraph.—Copyright.) Received February 22, 2.20 p.m. LONDON, Feb. 21. Sensational rises in the price of metals, accompanied by almost unprecedented activity, have been one of the most important repercussions of the Government’s rearmament programme. Simultaneously the gilt-edged has continued its downward course, passing the worst week-end since 1931. Nearly 25,000 tons of metal, valued at well over £1,000,000, changed hands on February 19. The flood of speculative buying carried copper, lead, and spelter to the highest level for years. Tin, which was neglected early in the week, jumped to 170 s a ton. Some quarters aTe concerned at the rapid rise in prices, but the market as a whole considers the peak has not yet been reached. The United States export price of copper has been fixed at more than 117 points higher, tbaji the recently established domestic price. It, is believed America will require to import spelter in the near future. Tile buying of tin appears to have been , purely professional, based on) .the belief that it was undervalued irr relation to other metals. The price of the higher demand metals has evoked interest in the shares of the leading producers, most of. which have showed substantial rises this week. Oils are also in the limelight, with an enormous turnover of shares at higher prices.