METAL MARKET ACTIVITY
An unexpected burst of activity has overtaken the metal markets, and has carried copper up to over £44 per ton. Lead has als6 been heavily bought, and spelter has risen in sympathy. Tin, pegged at £230 by the buffer pool's willingness to sell at that figure, has been unable to join the party, but the rubber market has been similarly affected, and the price has risen to 8d. per lb. The primary cause for this new burst of activity is a sudden wave of buying largely on German and Japanese account. The Japanese buying, as usual, takes place in America, but indirectly affects the London market ; the German buying, which is reported to have been substantial, has been mainly for copper, lead and rubber for prompt delivery.
Naturally, with copper nearing the level of £45 per ton, which is so often mentioned as the level satisfactory to pro- ducers, there has already been some talk of possible further releases of production, though it may well happen that pro- ducers will wish to see how permanent the new buying wave is to be before they vary their rate of production. The statistical position of copper, lead and rubber is sound. No sharp re- lapse need be anticipated, even if the special buying of the last few days proves temporary. On the other hand, there seems equally little reason for expecting run-away markets. German buying has usually been found to be spasmodic, and the supplies of exchange available cannot be unlimited. J. D. M.
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