SHINING FUTURE FOR COPPER

Manawatu Times, Volume LIV, Issue 6868, 25 March 1929, Page 8

SHINING FUTURE FOR COPPER

Steady Increase in Demand United Press Association —By Eloctrie Telegraph—Copyright. Received Sunday, 5.5 p.m. LONDON, March 23. The one bright spot on tho Stock Exchange this week has been the market for base metal and mining shares which, thanks to tho meteoric rise in the prices of metals on Monday, has been active and buoyant. Some of these shares closed last night slightly under the highest quotations for the week but with the prices of copper, tin, lead and spelter all maintained. The activities in shares is expected to continue. 1 Other sections of the Stock Exchange with tho exception of a few industrial oils have been extremely dull, notably gilt-edgeds owing to tho uncertainty of the monetary position and the fears that the New York rediscount rate would be raised. This advance has not yet been made, but apprehension in this connection continues. » Commenting on the base metal position the Statist says the trend of activities in the industrial world arc creating more than a normal increaso in the consumption of non-ferrous metals. Copper for instance, tho consumption whereof in the last dccado has fluctuated in close conformity with that of lead and zinc now is in enormous demand. Its consumption has increased in the past few years only a little less rapidly than that of zinc and lead together. Though the abnormally high price of copper will cause some substitution—aluminium for instance —there is every prospect that the demand will be on tho increase for some years to come. The remarkable flurry last Monday will probably have the same effect on the metal market that well-planned advertising has on any special product of general use and will make metals look more attractive to buyers and may thus cause consumers to carry much larger working supplies. If so, tho metal markets, also the whole producing and consuming situation, will bo to some extent stabilised and generally benefited, but there should be constant co-operation between producers and consumers in building and maintaining markets. Consumers would assist in preventing frequently recurring shortages of supplies bv advising producers when they see indications of important expansion and demand.