Word: coppers
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Dates: during 1960-1969
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...program, the Atomic Energy Commission has been investigating the use of nuclear explosives to blast out harbors and canals, to create underground storage cavities, and to release natural gas and oil locked beneath the surface of the earth. Now, in an attempt to do something about growing shortages of copper in the U.S., a team of scientists has worked out a nuclear plan to mine billions of tons of copper-bearing ore too poor to be mined by traditional methods...
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...
Spreading Impact. In Utah, where Governor Calvin L. Rampton has twice intervened in the deadlocked negotiations between Kennecott Copper Corp., the nation's No. 1 producer, and the United Steelworkers union, the impact of the strike is spreading. Some equipment and chemical firms have laid off help, and state welfare officials are paying an estimated $4,000 a day to idled workers, including some strikers. Sales have fallen among railroads and truckers, and banks report a substantial drop in the clearings and debits that reflect the pace of the state's economy...