Word: copperizing
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...worried forecasts of a copper shortage began appearing soon after 37,000 workers went on strike in mid-July at companies producing 90% of the nation's domestic supply. Just before Labor Day, no less an authority than Commerce Secretary Alexander Trowbridge gloomily predicted that it would be only "three to five weeks until we reach rock bottom of our supply." As the walkout dragged through its 14th week, the shortage remained as elusive as a settlement...
Hidden Stockpiles. Government and industry alike profess astonishment at the size of stockpiles in the hands of warehouses and fabricators. "Every time we try to get a fix on supplies, the mills seem to have bigger inventories than before," says one Commerce Department copper expert. "Everybody thought people would run out of copper at least three weeks ago," adds Executive Vice President Charles Moore of the International Copper Research Institute...
...estimated 450,000 tons, or 20% of last year's refinery output. As a result, many American buyers have turned to the London market and mopped up the 140,000-ton world surplus that had been anticipated this year. By last week, U.S. buying had driven copper prices on the London Metal Exchange up from 44½? a Ib. to 50⅛? a Ib. Most producers are surprised that the price has stayed that low; London copper prices normally gyrate on the flimsiest sort of news and early in 1966 they briefly hit a peak...
Sooner or later, if the walkout continues, the pinch will get worse. Although the U.S. produces a third of the world's copper, it consumes a bit more than that. The Government's 259,000-ton strategic stockpile, so far untouched despite the strike, equals less than a year's copper needs for defense...
...Governor Raymond P. Shafer last week asked the governors of eight other steel-producing states to join him in negotiating an end to the walkout. And in Utah, where the economy is off by $30 million so far because of a twelve-week strike against the Kennecott Copper Co., Governor Calvin L. Rampton summoned labor, management and TV cameramen to the state capitol for a well-publicized effort to get negotiations moving again...