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With copper on a rally already back up to 2.70 it is just a matter of time. Reading some articles it could easily be back to $3.00 in a couple of months. China is starting to build and use copper again. Also some mines are going to lose some production this year making a shortage if current growth continues. Steel has gone up $20 a ton here. Summer is looking good as of now. Optimistic view maybe but gotta stay positive.
thats what i like to hear
I got less than $0.03 per pound for steel today. I'm holding non-ferrous until prices rebound. I'm preparing for fall probably. Like I have said before, happy gold is holding steady so I can continue to break down my e-waste and make some money.
At Pacific's yard in Billings, the piles are getting larger and larger. Right now, they say that it's not profitable to even run the shredder.
But, they're not getting rid of their piles. That makes me think that they're assuming that prices will rise.
My yard has been holding steady at $0.055 a pound (shred) for well over a month now. Hopefully this is the near term bottom and things will start creeping back up. Not seeing much improvement in copper yet.
Not sure what yards run on for margins on copper but normally when copper is at 3 they are buying at $2.80. So off of that margin they should be buying at 2.55 a pound right now. What is the turnaround for spot price to effect scrap price?