Could Copper Jump $0.20? – 11/27/19

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Gobble Gobble Scrappers!

We hope that everyone has enjoyed the last few weeks of fall and is looking forward to the holiday season. Regardless of what you celebrate, we’d like to thank you for spending time with us throughout the year; listening and talking about scrap prices, the market and the different ways that we can either help you make money or you can teach us how you make money. We know that with the holidays already here, things will start to get crazy so let’s get right into what’s been going on in the market.

Suggested Reading: 6 Ways To Cut Expenses When Scrap Prices Are Down

We have started to see a rebound in the steel and iron prices, what we’re waiting for now is for the market to get a real good sign of positive news from the trade negotiations.  We have heard rumblings that there’s a chance to get signed by the end of this year and that is more progress that is continuing to be made.

Quick Numbers

  • $11.3 Trillion – That is how much money has been added to the stock market since President Trump was elected in 2016
  • 0.4% Down – Aluminum prices are at a 2019 low.

Social Scrap from Our Facebook Group

This week we are highlighting one of our regular posters and one of the hauls that they pulled in. Watching the crew at Rootintootinhauling Recycling and some of their posts has created conversations and helped a lot of people see the different loads and hustle that people put in for scrap…keep up the great posts!

 

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Non-Ferrous Market News

Could A Deal Be Done Before 2020?

We have seen the copper market rising for the last few days to the levels that we saw a few weeks ago. The rise has been slow, yet steady and has held over this holiday week. The question now becomes, “how long it can maintain and if we will actually get a trade deal between US and the Chinese. There’s been renewed optimism and reports over the last three or four days that there will be a deal struck before this year is over. If that is the case, we fully expect to see a large increase in the copper prices – anywhere from $0.05-$0.20 per pound according to multiple reports. The initial increase might be short-lived as the market could become flooded.

One of the problems with increases in the market that come quickly is that there are so many large people holding a lot of copper and other red and yellow metals, that they could quickly flood the market with higher prices. If that happens, we still expect to see an increase take shape, but we expect it to possibly pull back slightly before we hear more news or get some type of better guidelines from the United States and the Chinese.

Reported Non-Ferrous Scrap Prices (11/20 – 11/26):

Location

Material

Price

Springfield, VA Aluminum Rims $0.40 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.25 / lb
Elkton, MD Insulated Copper Wire $0.54 / lb
Florence, SC #1 Copper Tubing $1.80 / lb
Chicago, IL #2 Copper Tubing $1.78 / lb
Gallatin, KY Computer Wire $0.20 / lb
La Crosse, KS Aluminum Scrap $0.10 / lb
Calverton, NY Brass $1.29 / lb
Landsdowne, PA Aluminum Siding $0.22 / lb
Princeton, WV Aluminum Cans $0.32 / lb
Sherman, TX Communications Wire $0.15 / lb
Nisku, Alberta* #2 Copper Tubing $2.00 / lb
CHECK CURRENT PRICES

Ferrous Market News

Steel Is Rising

After seeing the market increase in the month of November, we have continued to see these increases come across the reporting prices and the overall markets. We have seen the markets increase about $13-$14 per ton overall in the month of November and we hear that there are more increases coming into December which will be good news right before the holidays. The big question is how long the increases can be sustained and if we will have a similar problem that could come with a large copper increase of having the market have a quick up, only to have a down come right after it. Overall we’re not going to complain because having higher prices makes everyone happier, especially after some of the markets that we have seen in the last three or four months. We’ve also seen the price of gas and oil continue to be lower, as the production inside the United States of oil and natural gas has continued to help keep prices down.

Reported Ferrous Scrap Prices (11/20 – 11/26):

Location

Material

Price

Westfield, MA #1 Steel $60 /ton
Hartford City, IN Shreddable Steel $60 /ton
Shelbyville, TN Cast Iron $60 /ton
Point Blank, TX Light Iron $60 /ton
Deland, FL #1 Steel $100 /ton
Derby, CT Shreddable Steel $80 /ton
Pittsburgh, PA Cast Iron $80 /ton
Inman, SC Light Iron $50 /ton
Ypsilanti, MI #1 Steel $85 /ton
Salisbury, NC Light Iron $40 /ton
Cornwall, Ontario* Shreddable Steel $117 /ton
CHECK CURRENT PRICES

Other Markets

With renewed optimism for the Chinese and United States trade agreement, as well as more emission standards for cars coming out; we have seen more and more increases in the Catalytic Converter metals market. Rhodium, Palladium, and Platinum have continued to show increases all of 2019 and we have seen prices increase again over the last few weeks.

While we have seen a few metals increase, we have seen the gold prices go down about $100 a ton from the prices that we saw a few months ago and those prices are hovering around $1465 per ounce, which is still a very strong price.

Thank You.

From the team here at the iScrap App, we wish you, your friends and family a very happy and safe Thanksgiving. We hope that you have a nice time and are able to enjoy time with your friends and family and we look forward to talking to you and having our videos live again next week.

– Tom

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