Word: copper
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Dates: during 1930-1939
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...some time, they are again angling for a steel price cut. Back in the days of Judge Gary, neither Henry Ford nor anyone else argued about the price of steel. Today the price is Detroit-minus instead of Pittsburgh-plus. Last week,. however, Detroit purchasing agents were working on copper; this week they are getting around to steel...
Last time the price of copper moved was in October 1938, when it went up, with business hopes. Had purchasing agents been as shrewd as they are tough, they would have finished loading up in July and August when prices were low, instead of waiting until October. As it was, the auto companies had to come back for more when the assembly lines began to roll out the 1939 model in October. They had no choice but to buy at the copper companies' upped price of 11¼? a pound. Fearful that the price might go higher, they then...
Last week they had their revenge. March business had dropped back to the August rate and the "outside" copper dealers, feeling the pinch, let the price down to 10¼?. The big producers, however, refused to follow, preferring to keep the price split, since the independents do not have the capacity to handle much business. Finally, early in April, American Smelting & Refining cut its product to 10¼?, halfway between the independents and the other big producers, forcing the big producers to follow them down...
Canny Detroit buyers refused to bite, however, decided to wait out the copper companies. Within a few weeks American Smelting's price was down to 10?. Still most purchasers waited. Then fortnight ago Phelps Dodge jumped it back to 10½?. This priced the industry's No. 3 unit out of the market, but enabled Anaconda and Kennecott units, Nos. 1 and 2, to make a market...
Catching the price a cent below what they last paid, the auto companies came in. Copper sales picked up; in a few days twice as much was sold as in the month of March, copper finishing mills kept running at 50% to 60% of capacity. Loss to corper companies on the cut: $1,200,000. Saving to auto manufacturers: nearly 60 per unit & parts (mostly radiators...