I know that prices at scrap yards have gone down a fair amount in the past 30-60 days or so, but want to look at things a bit differently.
The price of copper has actually gone up about 4% in the past 6 days (from $2.73/lb. to $2.84/lb. per kitcometals.com (historical 30-day chart).
I remember hearing from a stock trader that I highly respected that in his opinion the best time to buy something was on a pullback after a breakout. Last month copper hit a 4+ year high (hard to believe, isn't it?). This was after about a 65% move up since early 2016 when it was briefly below $2 a pound. We then got a 16% pullback before the quiet move up over the past week or so. So a pullback after a breakout is precisely what this is- even though it doesn't feel good when you have to sell for less than what you did the last time.
To me this is positive for longer-term price action in spite of the Trump vs. China tariff wars. If I could afford to just let the copper accumulate in my back yard, I would (betting on higher metal prices down the road). I need to keep things a bit cleaner- that's just the way it is.
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