Copper Slump Again On Market Drop and Politics
The Washington for New York reports copper shares fell sharply as market weakness intensified after a violent break in copper stocks. Traders cite unease over upcoming Congress sessions and possible new securities controls, while sugar shares also declined amid broader selling. Gold imports rose, but money remains tight. London markets stay hotter amid political unrest.
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New York Money Market Snapshot and Notes
New York money market closes with call rates and miscellaneous items. Rates show Brim 4.6 percent, Falley 4 percent, prime mercantile paper 5 percent. Bankers remain cautious as markets digest ongoing merger plans and a noted National Lead transaction draws attention for its privacy and timing.
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Copper merger rumors shake Amalgamated stock
Heavy trading in copper and Amalgamated stock as merger talks swirl. Copper futures and shares slide after reports of a possible combination among Amalgamated, Cole-Ryan, and Gaggenheim forces. Sugar also weakens with Amalgamated leading losses. Rock Island shows rare gains amid merger speculation.
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Washington Produce Market Report Snapshot
Oil City Pa on November 2 records credit balances of 43 and rune 573,680 barrels with an average 152,722 barrels. Shipments reach 400,489 barrels with an average 21th barrels. Teledo Ohio also notes November 2 entries with Nortt Lima 43 and South Lima and Indians seven.
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The Metal Market and New York Cotton Report
The market mixed cattle prices with Uniter grade demand while cotton in New York eased on liquidation and shy buying. Cotton futures opened higher then fell, reflecting weak overseas data and looming crop estimates, with a close near the day’s lows and uncertain near-term demand.
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