Metal Prices Lower
NEW YORK, April 22—Metal prices in the United States have been tumbling down as the result of a buyers’ strike. Since last month the price of copper has fallen 14.9 per cent., zinc 25.7 per cent., and lead 30.2 per cent. Even these cuts are unlikely to be the last, as a big smelter was offering copper at li cents under the former price, without getting any buyers. The “Wall Street Journal” says that the buyers’ strike is caused by the fact that the consuming industries found customers’ demands diminishing. As an example, only about half a million replacement motor-car storage batteries—excluding those for new cars—were shipped last month, compared with about two million monthly j all .last year Most major mining companies are ■still able to operate profitably at present prices, but it is expected that marginal mines may find costs too high. A few have already shut down or curtailed production. More are likely to do so.
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Wanganui Chronicle, 29 April 1949, Page 5
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162Metal Prices Lower Wanganui Chronicle, 29 April 1949, Page 5
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