The US Presidential Election is over and with the pre-election affects we said to look out for, we can now move forward in the scrap market with some clarity of the new President of the United States. With this past election being one of the most memorable and polar elections in recent history, the scrap metal market is now seeing a large change in trading and price swings. To make some sense of the new changes in the scrap market and whether they relate to the election or not, the iScrap App Team has some information to share with you.
Copper Scrap Prices Seeing Large Increase During US Election
Over the last few weeks the copper prices remained steady and more recently saw a huge increase as November started. North American scrap prices have been seeing a North American scrap prices have been seeing a North American scrap prices have been seeing a $0.20-0.30/lb.20-0.30/lb.20-0.30/lb. increase in copper prices over the last couple weeks. This has sparked many scrappers to visit their scrap yards and cash in on some copper they have been holding onto since the prices have dropped back in 2013.
Some people are attributing the rise in scrap prices, particularly copper, to the results of the 2016 United States Presidential Election. While this can play a part into the increase in copper prices, that isn’t the sole-responsible answer to the rise in numbers. According to Bloomberg, some analysts from Goldman Sachs Group Inc, claim that according to President-Elect Trump’s policies, without specifics there could be a stimulus in commodities like steel, iron ore, zinc, and Nickel. These stimuli could be helping spark the copper prices even further from the last few weeks.
Now That The Election Is Over What Should We Expect
This election was a shock to the world and the economy so there could be some moments of recession in scrap prices again, but right now the iScrap App Team suggests taking what you can get for this moment and cash in you metals. With the quick spike in prices, there is a possibility of the prices dropping again, but it’s important to keep an eye on it. Be sure to subscribe to our newsletters and market updates. We will be sure to inform you every week of the current scrap market conditions and any news that can affect the prices.
Contribute Your Prices In Your Region
Don’t forget to report your scrap prices on the iScrap App to help us see what kind of changes local scrap yards are seeing with copper prices and other metal prices that may be changing.
- How The 2016 Election Is Affecting The Scrap Metal Industry
- How Low Steel Prices Affect Jobs
- How Often Do Scrap Prices Change?
Resources: Bloomberg; Investing.com