Trends

DESPITE strikes, domestic production of copper and zinc in 1951 rose about 3 pct and 10 pct, respectively. Lead output fell only about 7 pct. Primary refined, including processed scrap and imported concentrates, was somewhat higher for zinc, and slightly lower for copper and lead. Prospects are for moderately larger mine and refined production in 1952 according to Standard & Poor's analysis of nonferrous metals. The survey goes on to report domestic copper prices averaged 14 pct higher in 1951, lead prices 30 pct higher, and zinc prices 32 pct higher. The 2¢ rise in zinc and lead ceilings in October will lift the average price in 1952 over 8 pet, assuming no further price change. Currently, OPS appears opposed to raising the 24 ½ ¢ copper ceiling to the 24 ½ ¢ maximum on imported metal. The steep premiums in world markets are likely to be reduced in 1952. Sales in 1951 were at new peaks. A further moderate rise is indicated for 1952. Earnings of the industry were at a new high in 1951. The increase for companies covered in the survey was perhaps 25 pet, despite a tax rate of about 53 pet, against about 40 pct. in 1950. Relatively maintained to moderately higher earnings are currently indicated for 1952. About two thirds of the companies covered in the survey raised dividends, including extras, in 1951. In general, maintained payments appear probable in 1952.