Word: coppering
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Twice last week the price of U. S. copper had to be hiked to keep it in line with soaring foreign quotations. The last was the seventh boost in two months and left the metal at 15? per lb., more than triple its Depression low. Yet every quota, restriction or curtailment program had been removed from production, and long-closed, high-cost mines were preparing to cash in on the boom. Where was the copper going...
Said London's Brandeis, Goldschmidt & Co. Ltd. in their annual Metal Report: "It is generally acknowledged that the rise of copper in recent months was largely brought about by purchases, speculative and otherwise, in anticipation of a greatly increased demand for military purposes...
...scarce was copper in the U. S. that President Dwight R. G. Palmer of General Cable Corp. last week dispatched letters to Congress urging that the emergency 4?-per-lb. tax on foreign copper should not be extended after it expires next June. "Present indications are that in 1937 U. S. production will not supply U. S. consumption," declared this big copper user, pointing out that an "acute shortage" actually occurred last December...
...Meantime copper shares on the New York Stock Exchange were staging as merry a boomlet as any speculator could ask. Anaconda jumped $9 per share during the week, closing at $64. Kennecott, also at $64, was up more than $3.50 per share. Phelps Dodge at around $58 was up nearly $3, American Smelting & Refining at $98 was up nearly $10, Federal Mining & Smelting...
...Copper's boom was shaved by other metals, even steel. Operations in the steel industry this week were expected to hit 84% of capacity, and talk was growing that 1937 would turn out to be a record year. Adding $6 per share, U. S. Steel stock closed the week at $114, and Bethlehem at around $95 per share showed a gain of $5. Though U. S. markets were closed for Washington's Birthday at the start of this week, the metal boom, roared on in London. Said one weary British metal broker at the close: "This has been...