Word: coppers
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After a gloomy winter, copper investors thought they saw a few signs of spring. On the New York Stock Exchange last week copper stocks rose in heavy trading. At week's end Kennecott was up 2⅜ to 88⅞, Anaconda up 2½ to 46⅞, Magma 5¼ to 47. Behind the push was a ½? rise to 23½? a Ib. in copper price at custom smelters, which normally supply about 15% of U.S. refined copper. On the London Metal Exchange, where world prices are set and fluctuate with daily sales, copper closed...
Sales picked up after Anaconda's Roy H. Glover announced that his company was taking no new orders at current prices in Europe, where demand for copper is still strong. Almost all of Anaconda's scheduled 1958 production, plus the carryover of copper from last year, has been sold. Kennecott has also stopped selling domestic copper to Europe because, said President Charles R. Cox, "the copper is worth more in the ground...
...brighter future. Experts expect that trading will be slow for the rest of the year, that stocks will seesaw in a narrow range. The big test of whether the market has seen its low will come in the next six weeks, when companies release their first-quarter earnings. Railroads, copper and other metals, already hard hit in 1957, are not likely to improve. Nevertheless, Wall Street feels that the basis is being laid for a rise in late 1958 and 1959. One clue is the widening spread between stock dividends and bond yields. In July, when stock prices were high...
...Copper producers also think that their customers, who have been liquidating inventories ever since September 1956, may be getting down to empty warehouses. Anaconda Copper Chairman Roy H. Glover reports that inventories are down to the point where any substantial reversal in business trends will mean a sharp pickup for the industry. Says Glover, who notes that all customers now demand immediate delivery: "Many of our very important customers now freely say that their inventories are on the tailgates of our trucks...
...Copper executives are watching eagerly for the first volume buying that would spell the turn. Current earnings are running below dividends, but the cash-rich copper producers would have no trouble paying them if they thought the turn was at hand. Says Charlie Cox: "We're watching the economy. The pipeline is about dried out. It won't take much to turn prices when the economy perks...