Word: coppermen
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...Pacific coast. Their Japanese pulp market, especially rayon pulp, normally accounts for a healthy margin of their business. But lumber and pulp men were not losing much sleep last week. Already oversold, they figured on remaining oversold as long as Scandinavian exports are cut off. Also unruffled were coppermen. Their exports to Japan last year were $27,567,000, 15% of output; but the copper market is even tighter than the lumber market, doling out new supplies to defense-favored customers only. Another key Japanese supplier is the machine-tool industry, which has made sales of about...
Also strained to fill orders was the copper industry. This month the British ordered 25,000 tons of brass, inquired for an additional 16,000 tons of sheets. This started another domestic buying move which assured coppermen of an all-time record month. Yet coppermen could not convince themselves it would last. Wailed C. Donald Dallas (Revere Copper & Brass), who in June had full mills: "Revere has appropriated in the last year over $1,500,000 for rounding out of plants and equipment. We cannot take the business risk of going further than this because first, if we built...
...price increase. As usual the price booster was Copperman No. 3, Phelps Dodge's Louis S. Cates, who moved the market up ½? a pound to 11½?. Booster Gates has been wrong on his market many times, and no Phelps Dodge price sticks until Coppermen 1 and 2, Anaconda's Cornelius F. Kelley and Kennecott's Steve Birch, stamp it O.K. This time (with one eye on Washington) they did. Figuring this was just a starter, their customers bought in a rush...
...Metals, price-cutting on copper continued (TIME, Jan. 29). The industry followed Kennecott down to 11¼? a lb. (war boom high: 13?), still failed to induce new orders. By now U. S. coppermen have become bearish on war export prospects (except to Russia-see p. 69). The trade anticipates a 33% cut in output if reordering does not save it in the next few weeks. Lead prices were cut twice in as many weeks for the same reason...
...because of the sellers' craving anonymity; most big deals rumored have yet to be signed & sealed. Biggest is the French purchase of South American copper; 25,000 tons a month for six months. If it goes through, the deal will amount to $42,000,000, enrich U. S. coppermen with South American mines. The chief war orders whose existence could be confirmed last week were...