Well, spot copper is now under $2.00 a pound. Is there no bottom?
Printable View
Well, spot copper is now under $2.00 a pound. Is there no bottom?
The bottom would be 0. I wonder if any yards will have the audacity to say "We're not paying for copper anymore, but you can drop it off for free" COL (chuckle out loud, cause I don't really think it's funny, scary, actually)Quote:
Originally Posted by nutpie
Years ago i seen copper at 60 to 70 cent a pound. People were glad to get rid of it . If you think 2 dollar is the bottom . You could be right. I hope you are right but I do not think you will be. I have talk to enough people that think we could see 1.50 comex . Look at China their stock market is not good. China has been building their factories ,cars etc. For 20 to 30 years. Some of these building factories are reaching the end of their usefulness. They are starting to supply their own scrap stream .
Yes China is in a recession comparable to the "Great Recession" of 2008 in the US
I think scrap will be high when one of two things happen
china buys in bulk from us again less likely with their collapsing markets and industries at the moment.
USA re gears for domestic production along with other nations that had shipped factories overseas that would raise scrap prices for needed metals .
If the republicans/democrats get elected and start a trade war with china it will be cheaper to produce products a home than over seas .
And this is why hoarding is not smart. Buy today- Sell today.
I've been Saying $1.60 Comex/LME For Cu for a year, No one listened:o
It's hard for us (USA) to understand the complexities of China and the realities of China at the same time, put our political/economic differences side by side. Can't be done, like saying apples taste just like a oranges, they do not and never will. We are still the worlds economic global leader, but we need to work on our own problems. Like building a scrap industry that can refine our own waste so we don't need to ship more than half of our scrap overseas to be refined. Simply put we don't have the metal refining capacity period, we shut them down do to pollution and high labor cost. It's cheaper to ship 40,000 pounds of scrap copper from Los Angeles to Hong Kong, then it is from LA to Chicago.
It's easier to take good news than bad.. Especially concerning money.. (or lack there of)Quote:
Originally Posted by HT1
Its the same here in the UK bright is at £2.60 per kg I'm stripping copper out of fridge compressors and getting £2.20 per kg I'm getting on average half a kg of copper per compressor
Shred is at £35 per ton a drop of £5 in last week alone copper seems to be holding steady
Spot copper $2.05. Will it stay above $2.00? One can hope..
J.R.R. Tolkien — 'Gandalf put his hand on Pippin's head. "There never was much hope," he answered." Just a fool's hope, as I have been told. "'Quote:
Originally Posted by nutpie
V/r HT1
Coppers on the up and up. Not much but it's trending upwards. This is good.
Quote:
Originally Posted by NatureRecycleFlorida
Or, India gets into the 'game' as well. There's a lot of potential there, they can make money out of dirt.
And I really mean 'Dirt'....
Paper mache picture frames painted with the paint dregs from recycled aerosol paint cans and given a lacquer made from the recycled varnish that's on fridge compressor Copper windings...
But, while I do not think there will be a trade war with China, I think this will happen.
Quote [ it will be cheaper to produce products a home than over seas .] end quote
Our minimum wage is going up to NZ$15/hr, that's US$10/ hr.
Depending on the exchange rate its cheaper to employ in America. The quality control there is far far better than Chinas.
you want to know what copper is going to do, the scrap market will slowly creep up till the hoarders stop being idiots
read this article, These 10 mines will set the copper price for the next decade | MINING.com
or don't because the 8th column of the attached chart says all you need to know, the chilean mines are pulling Cu out of the ground for under $1.50/Lb USD .... So $2.00/Lb COMEX/LME is perfectly reasonable. your new peak copper price will happen withing the next couple of months, then it will settle and hold for the foreseeable future.
V/r HT1
http://www.mining.com/wp-content/upl...-full-size.jpg
I have a little bit of copper. I don't turn it in because i don't need the money at the moment. It's like a savings account. Or owning a stock. Buy low sell high.