Is Copper Still Jumping? – 12/18/19

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Happy Holidays!!!

We’d like to wish everyone a very happy and safe Holiday Season. With Christmas, Hanukkah and New Year’s right around the corner, it’s crazy to think that 2019 is almost already over. What 2020 holds has yet to be seen, but with what we have seen at the end of this year with a very positive and promising market swing.

With copper being steady over the last week and a half, we are happy to this increase holding. While we have seen the markets going up and down a penny or two in recent days- overall we are VERY happy with where the markets have been.

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Quick Numbers

  • 7 Months – Copper prices rose last week to their highest level in seven months
  • $60.21 – Oil prices above $60 and rising affecting steel.
  • 2019 – This is our last report in 2019 😕

Social Scrap from Our Facebook Group

Scales. Need them, want them, verify them. We have had a lot of people talk about how they weigh their material ahead of time and we think that that is an excellent idea to be able to do. Knowing what you have- how much it weighs and then being able to verify is great…..BUT do not use a bathroom scale or a cheap one. You need to invest in a digital one and we recommend having some barbels or weights from a gym to use to verify that your scale is working correctly. iScrapper Wesley C. asked the question this week and we loved some of the responses. 

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Non-Ferrous Market News

With the Phase 1 deal nearing completion and signatures coming to paper soon, we are happy to see the copper prices rebounding as they did.  On top of that, we have the United States, Mexico and Canada agreeing to a new trade agreement to replace the old NAFTA agreement which has also led to an increase in the copper market. And after seeing the positive jobs report a week and a half ago that catapulted these copper increases, we have seen the numbers staying steady.

Looking ahead after the holidays it will be a little bit of a rocky start to 2020, as many people locked in large copper contracts and we expect the market to get flooded with a lot of material that different vendors have been holding onto.

For the aluminum market, we are hoping to see an upturn after the first three months of 2020, as we’d hoped that the trade deal that happened will lead the charge on aluminum pricing.  One thing that we have to think about is that the tariffs are going to get rolled back on multiple items and now we have to hope that the world economy rebounds catches up to the United States economy. With many economies in the world lacking drive right now, we’re hoping that the positive news between the United States and the Chinese will lead to higher output, production, and reduction in tariffs across the globe.

Reported Non-Ferrous Scrap Prices (12/11 – 12/17):

Location

Material

Price

Palm Bay, FL EC Wire $0.45 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.45 / lb
Temple, TX #1 Copper Tubing $2.05 / lb
Victoria, TX #2 Copper Tubing $1.80 / lb
Lacey, WA Aluminum Cans $0.26 / lb
Columbus, GA Electric Motors (Copper) $0.11 / lb
Richmond, VA Brass $1.30 / lb
Moberly, MO Lead Batteries $0.15 / lb
Greenbay, WI Christmas Lights $0.06 / lb
Hardinsburg, KY Insulated Copper Wire $0.48 / lb
San Antonio, TX Aluminum Siding $0.15 / lb
North Bay, Ontario* Stainless Steel $0.40 / lb

 

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Ferrous Market News

We have seen the price of oil rising over the last few weeks, partially due to the weather and also due to some of the Middle East countries putting a little bit of a restriction on the oil output. This has caused some of the steel and iron prices to go down, as we have begun to see a slip between five and $10 per ton over the last few days compared to the large increase’s that we saw over the last 10 weeks. With the holidays here and a lot of material not being able to flow into yards and being at a standstill, we are interested to see what will happen come January.

These markets have been a very nice sign of life and we are hoping that the trade agreement that happened will lead to more positivity and higher prices going into the first quarter of 2020, but it is always a difficult one with so much harsh weather throughout many parts of the country. We have seen the light iron prices climbing, as well as the other heavier grades of steel and that is one of the things that we have been looking for and talking about over the last 6 to 12 months.

Reported Ferrous Scrap Prices (12/11 – 12/17):

Location

Material

Price

Hardinsburg, KY Shreddable Steel $70 /ton
San Antonio, TX #1 Steel $105 /ton
North Adams, MA Cast Iron $0.05 /lb
Greenbay, WI Sheet Iron $75 /ton
Norfolk, NE Shreddable Steel $75 /ton
Brighton, IL Tin $0.05 /lb
Kalamazoo, MI Scrap Iron $84 /ton
North Bay, Ontario* #1 HMS $150 /ton
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Other Markets

While we have not seen the platinum, palladium or rhodium prices erode at all in the last month, we have now started to hear rumblings that the market is starting to show small signs of weakness going into 2020 and there might be a pullback in some of the prices. With so many high prices for such a long period of time throughout 2019, we have seen the market really get flooded with a lot of Catalytic Converter’s that had been getting held onto for years by different larger vendors and scrap yards. This market has really taken off in 2019, we look forward to seeing what happens with the metal prices going into 2020 but we do hear that there is a pullback coming.

Thank You.

We would like to take a minute to thank you for tuning in every week and sharing so many pieces of information, pictures, and stories about your scrap metal journeys. It’s been enjoyable for us throughout 2019 and we thank you for all of the output and input that you have given us and given to the Scrapping community to be able to help raise so many people’s interests overall. We hope that going into 2020 we can continue doing our job, creating new content, creating videos that will help you learn how to scrap better and make more money and anything else that we can do we always welcome criticism of positive and negative things so we can continue to improve.

– Tom

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