Copper Sees Big Increase – 12/11/19

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Scrappy Holidays!

Can you believe that it’s already December and it’s almost the middle of December? What has happened in the last 11+ months blows our minds, but at least we have seen some good early presents coming for the holiday season. With the copper prices rising almost $0.10 per pound in the last few days, it’s been a welcome sight with positive economic news and hopefully, more positive news coming in the upcoming days with the trade deal.

We have also seen the steel and the iron market continuing to rise as these prices have rebounded nicely over the last 6 to 8 weeks, after bottoming out pretty bad. Hopefully, we will continue to see these positive trends going into 2020 and we will be able to get more news out soon.

Quick Numbers

  • 6.2 vs. 3.7 – The number of hours that gas vs. electric engines take to put together and build thus eliminating possible jobs in the auto workers world going forward.
  • $1.7 Trillion – That is with a “T,” and is the value for Aramco, a Saudi Arabian company that is now the largest valuation for a company…ever. 
  • 266,000 Jobs – The amount of jobs added in November with the unemployment rate dropping to 3.5%, the lowest rate since 1969.

Social Scrap from Our Facebook Group

Today we wanted to highlight some of the electronic scrap news that we have seen out there. This week iScrapper Johnathan posted about some cell phones that he wast scrapping and sorting out the batteries properly. Knowing how to sell is always important and knowing who to sell to is equally so. 

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Non-Ferrous Market News

Copper Jumps Big This Time

If you have not been able to tune in to some of the news lately, let us fill you in on some of the reasons that the copper market has increased. We saw very positive jobs report coming out last Friday which relieved the market (both the stock market and the commodities market) overall. That dramatically increased the copper prices with prices jumping $0.07/lb during the day and then continuing the positive trend on Monday. While we saw a small pullback, it was very small and the markets are still up.

On top of that, we have continued to hear about the progress that has been taking shape between the United States and the Chinese and the possibility of the trade deal coming to fruition. With another round of tariff increases supposed to come on Sunday, we are hoping that these will either get postponed or see a deal put in place before that happens. If that is the case and they are postponed, we expect to see the copper prices rising again and the market will show more signs of life.

Reported Non-Ferrous Scrap Prices (12/4 – 12/10):

Location

Material

Price

Moberly, MO Lead Batteries $0.15 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.45 / lb
North Adams, MA Electric Motors (Copper) $0.14 / lb
Parkersburg, WV Aluminum Cans $0.35 / lb
Brownsville, TX #1 Copper Tubing $2.10 / lb
Weedville, PA #2 Copper Tubing $2.00 / lb
Hebron, IN Insulated Copper Wire $1.10 / lb
Waterloo, IA Brass $1.21 / lb
Reading, PA Stainless Steel $0.21 / lb
Dalton, GA Sheet Aluminum $0.14 / lb
Cookeville, TN Romex® Wire $0.32 / lb
Newton Falls, OH Lead $0.35 / lb
CHECK CURRENT PRICES

Ferrous Market News

Steel Continues Its Climb

We have continued to see price increases month over month for the last three months and December is no exception to the trend. With the markets increasing as much is $30-$50 per ton over that time, we are happy to see those increases getting pushed to the scrappers. Often times you read or hear about increases coming and they don’t actually happen in your wallet, but recently those increases have become real money getting materialized through the scrap yard pricing.

We are starting to see signs across the board of positive life, but one of the concerns that we have is that the prices have been so depressed for such an extended period of time, that it is going to create a lock in the market once these prices increase and a possible constriction at some of the exports and the Mills.

Reported Ferrous Scrap Prices (12/4 – 12/10):

Location

Material

Price

Manassas, VA Light Iron $70 /ton
Bristol, PA Shreddable Steel $40 /ton
San Antonio, TX #1 Steel $60 /ton
Matoon, IL Cast Iron $50 /ton
Akron, OH Complete Car $115 /ton
Abilene, TX Light Iron $50 /ton
Barberton, OH Cast Iron $100 /ton
Birmingham, AL #1 Steel $110 /ton
Ft. Lauderdale, FL Light Iron $40 /ton
Corpus Christi, TX Unprepared HMS $0.07 /lb.
Dalton, GA Shreddable Steel $85 /ton
CHECK CURRENT PRICES

Other Markets

Platinum/Palladium/Rhodium. The triplets in the catalytic converter world, have all increased in value again over the last few weeks leading to higher prices.

Thank You.

We are thankful for the copper prices increasing and we hope to continue to see this trend continuing into 2020…positive signs across the board for metals and that is something to be thankful for.

– Tom

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