Did anyone notice copper today?...says copper spot is at 1.93, dropped 0.95/lb.
I wonder if this is a technical glitch.
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Did anyone notice copper today?...says copper spot is at 1.93, dropped 0.95/lb.
I wonder if this is a technical glitch.
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SHANGHAI Dec 29 (Reuters) - Copper futures were flat on Monday in thin trading but weak demand from top consumer China and a strong U.S. dollar could put downward pressure on prices, analysts said.
I'm so into scrapping.. When my Steel Toe Boots Wear out, I cut the Steel out of them and recycle the Toe!
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I didn't want to, but maybe I did good by selling 30+ pounds of number 1 last Monday. Copper seems to be on a negative slide for the last six months or more. What you are reporting, would be a big slide?
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There's no news that I can see that backs up this drop. I'm just seeing the charts from kitco. But yes, this would be a big drop.Originally Posted by bigburtchino
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I just pulled up kitco and you are seeing same as me.
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Losing approximately 33% value even on a year end book clean-up from the brokers.. that is bigger than "housekeeping" THAT is for certain!
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I think it is a kitco problem. COMEX copper is trading at $2.8165, but I thought the same thing this morning.
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Wall Street Journal has a interesting read (dated yesterday) about copper outlook. A lot going on besides just market corrections and end of year profit seekers. Don't think we are near bottom yet and already at 4 1/2 year low.
Metal Recycling Entrepreneur
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The price on Kitco is fixed now. $2.8974
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Feel better!
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I was about to say, everyone else is reporting $2+ but if it was true, I saw it coming. Before you know it copper will be wher aluminum is and hopefully then people will stop breaking into houses to take it.
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Probably an in house glitch. That drop would cause world markets to go into in total destruct mode. However as I have been predicting IT will happen sooner then later and I'm thinking sooner. The Chinese New Year is a biggie to them I look for some major moves by China in Mid January with world implications. But then that's just me.
"anyone who thinks scrappin is easy money ain't doin it right!"
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I'm not a statistician, but have taken a class or two. Anytime you see a graph that looks like a square wave on a o-scope, it's usually a "Houston we got a problem" moment. Numbers have to be rechecked and verified (by more than one set of eyes/brains).
Olddude I agree with you for the most part, China is smack in the middle of most market conditions. They and We have problems, they much more than us (USA).
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Just looked at kitco again, copper down to $2.66. Ugh.
Metal Recycling Entrepreneur
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Low oil prices are driving up production of copper and bringing down the price. This is why hoarding is so dangerous.
Metal Recycling Entrepreneur
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Comex is now 2.52
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Im sitting on around 250 pounds of motor wingdings and about 3 five gallon buckets of number 1 and one bucket of Bare Bright. I can't bring my self to sell it know. So ill just keep hoarding hoarding hoarding.
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