With the current prices in copper, how many folks are still hoarding? I am sitting on a little bit better than 100lbs (combined) of #1 and #2. I keep waffling on whether to continue to hoard or dump while the prices are high.
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With the current prices in copper, how many folks are still hoarding? I am sitting on a little bit better than 100lbs (combined) of #1 and #2. I keep waffling on whether to continue to hoard or dump while the prices are high.
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I am. Getting more and more all the time. It's all been free by tearing apart different stuff. Plan is to cash in about March when I expect LME will be around $5 and local yards will be around $4.
People may laugh at me, but that's ok. I laugh all the way to the bank.
Experienced Scrapper
We can only hope!Originally Posted by Mick
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LME set another record today for copper at $4.388. Yes, we can only hope and anything can happen to bring prices down. But I'm banking on one factor - there will be more and more construction worldwide. That, and an increasing demand for consumer goods such as cars and household appliances in Brazil, Russia, India and China (the BRIC countries) will strain the existing copper supplies. I think you're going to see more consumption in the US, also. Generally, people are tired of saving and doing without. We saw that over Christmas. The people who found jobs and those who kept their jobs are breathing again.
Experienced Scrapper
Agreed! You also need to consider how the US dollar is weakening, and that may make the price of metals go up simply because the dollar buys less!
All things considered, I can only hope the American innovation engine will start up again soon. I see a very "green" future in store for the US, because the price of petroleum is going up by the second. Hopefully more money will be made in recycling, as we already have a leg up on investors!
Metal Recycling Entrepreneur
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I don't know about you guys, but Copper prices at our local yards took a good drop in the last week. Ex; Bare/Bright down from 3.55 to 3.00
Glad I wasn't "hoarding" !
Metal Recycling Entrepreneur
My copper is going in this week. Hopfully it doesn't drop more. I have about 80 lbs of #1 maybe half that that in #2
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Be careful of "panic selling". I'd hedge my bets be selling, at most, half. For myself, I don't plan to sell in a down market. I'll just wait for it to come back.
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PMs are poised to spike in the morning. Well, not poised, but is already trading higher than it was on Friday.
http://www.kitco.com/ follow the link and look down the right hand side for gold, silver, etc
How this relates to our kind of scrapping will play out, but I am assuming an almost full return to where scrap was before the Tsunami. The price basically did not dip because of lack of demand, but because of the traders reacting to the news of everything that is going on. I am not an expert on this by any matters, but reaction to news drives the price immediately, and then the real demand will straighten out the price.
I am crossing my fingers for you and for the record, I do not hold copper or other materials to try and play the market. I simply take it in when I have enough stuff to warrant the drive to the scrap yard. I am also bullish on the prices and possibly unfairly trying to find news and opinions that support my theory of higher prices in the near future.
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