Its dropping like a rock here. $3.60 for #2 a month ago today it was $2.80.
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Its dropping like a rock here. $3.60 for #2 a month ago today it was $2.80.
We are all feeling the pinch. My prices have dropped as well although I am still higher than my scrap yards.
See, I told you not to break open that Champagne over a little copper strike in Peru, coper prices didn't go the way you expected.Quote:
Originally Posted by High Voltage Processing
I wouldn't like to be sitting on an excess of inventory at the moment, It's going to get a lot worse before we see any improvement on the horizon.
September 20/2011
Base metals prices at 0107 GMT
Metal Last Change Pct Move YTD pct chg
LME Cu 8260.25 -48.75 -0.59 -13.96
SHFE CU FUT DEC1 62010 -950 -1.51 -13.70
LME Alum 2323.00 -4.00 -0.17 -5.95
SHFE AL FUT NOV1 17175 -20 -0.12 1.99
HG COPPER DEC1 373.10 0.55 +0.15 -15.96
LME Zinc 2093.50 11.50 +0.55 -14.69
SHFE ZN FUT DEC1 16260 -120 -0.73 -16.51
LME Nickel 21100.00 -120.00 -0.57 -14.75
LME Lead 2311.75 -8.25 -0.36 -9.34
SHFE PB FUT 15715 -35 -0.22 -14.36
LME Tin 22650.00 0.00 +0.00 -15.80
LME/Shanghai arb -314
Oh. Fantastic. It was $2.90 (and that's a high/good price around here) 3 weeks ago.
Ours did as well. It was almost 3.7 for #2...today I got 3.15 for #2.....all non ferrous is dropping!
everything else for me is at $10 per 100...cast is a little more.
I have been fighting with people who think they should be getting more for their wire. They don't get that when copper goes down the wire does as well. The hardest part of my job is telling people they don't have the value they think they do.
You will always be fighting that battle. I've found that the people with less material fight the most.Quote:
Originally Posted by High Voltage Processing
he he on my iron I always work my guy up a penney a lb no matter what the price quoted, that makes up for 100 miles of usless road time. every free mile helps.
God I should be so lucky that all they want is a penny a pound. All my sellers seem to want to sell for 40-50 cents over going rate.
Well I had a ''Hmmmmm??'' moment this week. Took in a load and for the first time #2 copper was higher than #1. Uh, is that even..........right????
http://www.scrapmonster.com/
According to them, there's only .25 difference between 1 and 2. Maybe they need to bulk up on their #2 copper and paying more might bring in more,,,? just a thought.
I hadn't thought of that, the bulking up part. Makes sense.
Prices are still dropping : (
Copper down another 7% today, down .62 cents a pound from two weeks ago, down a buck from two months ago. I've been stock piling copper assuming the fed would continue to devalue our dollar, but looks like I'll get burned on that idea for the time being. My opinion, the economy is getting worse, copper prices will continue to fall if they let the dollar strengthen, and competition over scrap metal will likely fade. I'm holding my copper until we see market price well above $4 a pound again. If prices fall like from the '08 recession ($1.XX a LB), I'll offer higher prices than the yards are paying and hopefully make a killing once the economy stabilizes.
your assuming when the price rises, you must also consider "if". few world currencies, including our is backed by any thing, but your hard work and taxes. no work no taxes. the dollar falls. the fed prints mor fiat dollars, it just falls again. you think you are getting a better price but you are really not. i.e. you are just gettin a larger number of smaller dollars
2 facts prove this to be true. 1. in the Roman empire 2000 years ago a one oz gold coin would buy you a complet set of very nice cloths. today 2011 one oz of gold will still buy you a fine set of cloths. 2. 100 years ago one dollar was worth 1/20th of an oz of gold today that same dollar is worth 1/1850th of an oz of gold world prices are vertually the same as they were 2000 yrs ago. it is the dollar worth less not the value of products going up. sooner or later it has to end. to say more would be to become political. which I will not. if you want more info PM me.
just my .02
I often wonder is Ron Paul right , we should of never went of the gold standard?
there has to be a backing for money, weather it is Gold or dirt, It is the only way to keep the Banksters somewhat honest. with out it you get to where we are today. The founding fathers knew that 250 years ago.
Yep dumbist thing america ever did IMO...Quote:
Originally Posted by submarinepainter
When 'the dollar falls' it falls relative to other currency. Also, if 'the fed prints mor fiat dollars' [sic], it creates economic force for price inflation. Those two sentances describe two sides of the same coin. The result should be inflation in everything, including raw material. When a steel/copper/aluminum refinery buys a commodity item like our scrap metal, they are actually bidding for the product against all other mills in the world (cumulative world supply and demand set the commodity prices). But U.S. mills need to buy with weak/fallen/inflated dollars so they need to pay more. All of this says prices should be rising, but they're going down.
So what are we seeing with this price decline? This is the beginning of another recession, or a deepening of the one that was muddling along. There is less demand for 'stuff' in a recession. The demand is less, so the price we get goes down (for our supply of raw material). To make it worse, in the last year or two there are lots of people who figured out one could make pretty good cash collecting scrap metals, so the supply was probably increasing.
But that's not all. With reduced demand for metal in the economy, the scrap yards and mills are right now sitting with WAY more raw material than they need. They don't want that inventory, so they drastically reduce how much they buy until they reduce their inventory levels. Say their sales volume went down 10%, they might reduce their scrap buying by 30% because their sitting on too much inventory and they want to use it up. When/if the scrap buyers rebalance their inventory, then they' will start buying again and prices will stabilize possibly with a little rally. Yet, the buying will be at a reduced volume - matching the reduced demand in a recession.
So where do I think prices are headed? Down and down, with a little rally after 9 to 15 months but they will still remain well below the 2011 summer highs. So hoard or not? hoard some but sell some too. Also, reduce what WE pay for scrap ourselves.
To answer the original question, #1, down from $3.30 on Tuesday, to $3.00 today.
(And I'm glad I was following the Forum. We dug up about 15 pounds of old water service line last week, and that's what I took in on Tuesday. Dug up another 22 pounds Thursday, and today was the earliest I could get to the yard. I figured it would be bad business to wait til next week.)
I was expecting NZ$7.50 Kg (for 6Kg of copper) & ended up with NZ$6.80 for 5 Kg.......
Went from NZ$46+ to NZ$35.00 rounded up.
That took one night ripping looms(4hrs), two long walks there & back (2hrs), another night of 4hrs stripping & burning looms.
Two bus trips to the scrappers, a big drop in prices & also loosing 1Kg due to dodgy scales & really really long walk back home from the scrappers (2 hrs).
15 hrs + work + sleep & food$
For US$ 29.00...............
I won't be going back there, even considering I used to use them all of the time as my preferencial scrapper.
Too many times I have been shorted by a Kg or more on small (about 10Kg) deals.
Down from $3.30 lb #1 to $2.54 lb by me this week
In the past 6 weeks or so it has gone from $3.65/# to as low as $2.65/#. I use different yards for different materials and check with them all to see who's paying what when. Plan on taking a load of red and yellow brass on Friday to a new yard. They seem to be paying better than anyone else right now.Quote:
Originally Posted by newattitude
$2.20 to $2.50 here for #2 stripped and the $2.50 place was dropping prices today. Also, I just saw on the yahoo news yesterday that copper dropped 8%. Just on Wednesday...
Copper futures looking better this morning:
Commodities Futures
* Energy
* Metals
* Grains
* Livestock
* Softs
* Indices
Symbol Name Last Trade Change Related InfoHGV11.CMX Copper Oct 11 $3.30 6:11AM EDT Up 0.06 (1.73%) Futures Chain
Last load I sold on 9/30 the following prices in my area were/are:
#1: $2.45
Red Brass: $2.45
Yellow Brass: $2.00
That's a good price for brass, I only got that at its peak here.
Coppers holding its price here at the moment.
Our NZ$ is shifting against the US$ & as the Copper price shifts around, the currency rates have out canceled it out.
Still NZ$6.70 Kg #2 Cu.
Just got todays prices a few minutes ago. #1 copper = $2.50 #2 copper = $ 2.40 Think I'll just sit on mine for a while longer.
Hold your copper / Brass / Gold
All will increase with the holidays.
Shopping = toys, lights, gold items, brass nick nacks. All will put stress on the market. Im banking on a 20% increase in copper / brass and gold back to 1800/1900 by jan 1 2012
if only. I think it depends on a lot of things. dont know if I would make that bold of a prediction. with current cercomstances. the Christmas seasion may help a little if it is higher then last year, if it is lower it could hurt and big. however scrap prices dont realyt rely in christmass as much as world economy and building which is always down in winter. also if people dont buy durable goods, ( appliances and cars) it could be a long winter and a long 2012, 13, 14, and 15. It is predicted by the whole salers food will go up 20 t0 50% due to world floods and drout, that will hurt disposable incomes.
if the chinese and Indian economys brop, so will scrap. if it stays the same , yes they will buy cars, but most of both countrys have no electrical grid like we do so they dont buy appliances, only build them and sell them to us. and we aint buyin.
I called the yard today. 2.60 for number 1 and 2.40 for number 2
then I asked about insulated wire and she said 80 cents and 40 cents.
What kind of insulated wire are you selling???? That seems very low unless you are selling ribbon wire or something with very low copper content.
My yard pays one price on insulated. Right now it's 0.70 p/lb. Must be at least 50% copper.
im always paying top dollar for copper in this time...id pay 3 bucks a pound all day even when my yard doesnt pay that much...but then again i have the cash to sit on it and make a profit no matter how long it takes...but copper prices will be through the roof by feb or march...wait and see
Must be nice to have that much cash laying around not doing anything. I can find a use for it if you like.
How much you wanna buy?....I can get you about 40,000lbs...wanna sit on that?Quote:
Originally Posted by jdawg
#2 ins wire by me is now down to .85 lb. The high this year was $1.20Quote:
Originally Posted by parrothead
#2 copper is at $2.50 with the high of $3.30