Will it stabilize or paralyze...
Metal Recycling Entrepreneur
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Will it stabilize or paralyze...
Metal Recycling Entrepreneur
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My opinion it will hold at the 2.30 mark for quite a while. Rebounding in the next 6 months. Time for me to go invest in the copper mines after slow earnings report and bottoming copper prices. Easily make 8% in 6 months
Metal Recycling Entrepreneur
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good grief. bottomed out on my graph. will have to lower it for next time...
Well I cashed in my pile of copper today since I'm moving back to America from Germany. I didn't want to have any issues with customs or movers. Turned in over 500 pounds. I'm not sure what they called it, but I had -a mix from bare bright to number 2. Also turned in some aluminum and electric motors. Price here in Germany was €4.15 per kilo (2.2) pounds and the dollar is worth a little less than a euro these days. Wasn't what I would have liked but I have enough from it all to buy a decent trailer when I get back (total came to be about $1500. As soon as I'm back in the states I'll stockpile probably
Metal Recycling Entrepreneur
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is that 2.70 2.80 still coming ?...lolOriginally Posted by jiffy117
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Lot of volatility in all markets today, might not be the best day to be selling anything!
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Called and the yard said #2 insulated at $.55 lb. Getting rid of dirty aluminum, dirty steel and some brown boards tomorrow
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Tomorrow has to be a better day (I hope). Stock Market opened today down over 3% (1% is a lot), dropped over a 1,000 points in first minutes of trading. Commodities market has been in the "red" all day, with most metals falling 3 to 5% bottoming at or around same time as today's opening of the stock market. The good almost all had some amount of recovery by end of trading today, still all finished down. China financial crisis is at the center of this activity, this is not over. Volatility index tells me this, at close of trading today 40.74, with a percentage of 30 considered to be lots of volatility. This is a forecast of next 30 days of S&P 500 stocks, this index is often called the "Fear Index".
Last edited by bigburtchino; 08-24-2015 at 07:30 PM.
Metal Recycling Entrepreneur
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Sorry, my crystal ball is on the fritz. I'm a numbers guy, so silly me I was going by my trend line and past fluctuations.Originally Posted by jiffy117 View Post
prices nose-diving this week. Touched 2.40/lb today. Should recover to 2.70-2.80 within a month or so though. For some time now the lows are lower and highs are never as high as previous. Not sure pattern will change much anytime soon. Where is bottom?
is that 2.70 2.80 still coming ?...lol
Full article at Scrap Metal Forum: http://www.scrapmetalforum.com/day-l...#ixzz3jpTRA4NU
"History always repeats itself unless you make a prediction; then it hangs you out to dry" me
Last edited by jiffy117; 08-25-2015 at 08:34 AM.
I respect the guys who predict. I buy and sell daily. This way I am not hurting when the price drops.
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I asked the yard owner who is gonna buy now that Chinas not, he said no one is right now...
Metal Recycling Entrepreneur
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Sounds like all the coon hides sitting in NAFA's and FHA's warehouses. From record highs in Feb. 2013 to nobody buying today. Love that globalization!!
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This country still has a pretty good manufacturing base for things made of copper, brass and aluminum. There is a market here for some of our own generated scrap. I know of one brass mill right here in LA that buys a lot of scrap brass and scrap #2 copper. From everything I'm reading scrap prices will not recover this year, could drop more, hard to see how steel could go much lower anyway. We even have a fairly large steel mill within 20 miles, that also buys scrap steel locally. The big problem this country produces so much scrap, more than most countries combined.
Metal Recycling Entrepreneur
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Took back a load of low and mid grade wire today. Here's prices for Syracuse (Weitsman's)
Bare brite: 2.03
#1: 1.92
#2: 1.78
#1 insulated: 1.41
#2 insulated: .73
#3 insulated: .24
Last summer I was getting $1.00 for #3 insulated, of course different yard and crap prices. Still .24 is very low in my opinion. I had to beg for an extra .03/lb...
Just sold 2342lbs of #2 for $1.95 today. Not bad...
Metal Recycling Entrepreneur
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It's not bad if you have 2000+ lbs of copper to sell, LOL. I can't even imagine what that looks like.
METAL IS MY MISTRESS...PLEASE DON'T TELL MY WIFE!
One of my usual electricians. I wasn't going to hold onto it for long 😄
Metal Recycling Entrepreneur
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Price as of 9/11. Small recovery, we shall see if it can hold for at least a week or so
Experienced Scrapper
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Down 0.04 from 9/11
Currently Trading at $2.41
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Very picky, no fine stranded no oxidation, #2 on fine.
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