Word: coppering
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...Copper producers will cut down production proportionately until the cut amounts to 20,000 tons a month, the margin by which production has exceeded consumption lately. In announcing the agreement, careful mention was made of the facts: 1) that the producers are doing this voluntarily, 2) that the agreement lasts only so long as present economic conditions prevail, 3) that no reduction of stocks of copper on hand is included in the plan. In emphasizing the voluntary and temporary nature of the agreement, it was apparent that the coppermen fear the U. S. Government's attitude. The most recent...
...York Stock Exchange last week copper shares, long since pounded into sprawling recumbence by reduced dividends and vanishing margins of profit, suddenly whipped out of their lethargy, soared in a manner reminiscent of the 1928 and 1929 bull markets. Probably a sleeping short interest added vigor to the move. But ultimately behind it was a curious, daring action on the part of the copper producers...
Unique among commodities has been the turbulent history of copper. Oldsters recall how in 1901 and again from 1905 to 1907 Amalgamated Copper Co. forced the price up in defiance of economic laws, only to see it tumble back. Notable was the rise of copper in 1929, its subsequent, demoralization. Last week the industry, statistically, had recovered not a bit from this last collapse. Stocks of copper in the Americas were at a new high of 605,000 tons. Shipments (deliveries to consumers) had gained slightly over the previous month, were still behind production. African production was running high...
What makes copper unique is the manner in which its control rests in the hands of a few men. Fortnight ago these men met in Manhattan. Leading U. S. representative was Cornelius Francis Kelley, president of Anaconda Copper Mining Co. and Copper Exporters, Inc., chairman of Copper Institute and spokesman for 25 big U. S. producers. From Belgium there had come M. Fernand Pisart, managing director of the Societe Generale des Minerals, Belgian outlet for the Katanga Mines in the Belgian Congo, and his associate, Camille Gutt...
...three swift jerks which jumped copper from 9½? to 10? to 11? to 12? came as welcome news to a market weary of bearish developments. This move was of course technically independent of last week's Manhattan meeting, but undoubtedly the coppermen talked informally of price. With tremendous stocks of copper on hand and little prospect of an immediate reduction in them, the new price has yet to meet a real test. But apparently depression and copper chaos have deprived the copper tycoons of none of their willingness to take big chances for big stakes...