Business: Copper Into Hoarding

Twice last week the price of U. S. copper had to be hiked to keep it in line with soaring foreign quotations. The last was the seventh boost in two months and left the metal at 15¢ per lb., more than triple its Depression low. Yet every quota, restriction or curtailment program had been removed from production, and long-closed, high-cost mines were preparing to cash in on the boom. Where was the copper going?

Said London's Brandeis, Goldschmidt & Co. Ltd. in their annual Metal Report: "It is generally acknowledged that the rise...

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