London, Nov. 24. An official announcement was made yesterday by the copper producing companies operating under the restriction scheme that production would be at the rate of 110 per cent. of the basis quotas by January 1939.
The announcement of the reintroduction of restriction surprised the market only in that it came earlier than was generally expected, as the present statistical position' of copper had led to the widespread belief that such action would be necessitated sooner or later.
Copper circles admitted the decision of the producers was capable of a bearish interpretation, as' it envisaged no substantial improvement in consumption in the.near future.
The market, however, appears to be optimistically disposed, and ' greeted the announcement with an apprecia able advance in prices. Sentiment of the whole metal exchange seems brighter, with tin and spelter also sharing in the upward trend Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.