Copper!

Prices are at an 8 year high as of today! Was marked at 3.71/lb on Comex this morning. Wooohooo! Enjoy the ride everybody!

Originally Posted by JJinLV

Prices are at an 8 year high as of today! Was marked at 3.71/lb on Comex this morning. Wooohooo! Enjoy the ride everybody!

Ain't it sweet ! I have to wonder what the six - 12 month prospects are looking like.

QE ( money supply expansion ) due to the emergency pandemic stimulus spending should create inflation and drive prices even higher.

It might be a good idea to see what the LME warehouse levels are looking like. If they are dropping ... it might create even more demand as we get deeper into the winter months.

Maybe keep an eye on mining too ? Years back ... we had a really hard winter that shut down the mines. That shortened up supply and copper prices went on a run.

I wonder just what China did with all the scrap they bought.

probably make ships, planes, bombs an bullets to use when they decide it's time to take us over.

I read a long term report (can't remember where) that the forecast is that copper will reach $10k ton!
I'll sell at that!!

Retirement coming soon!?!

Originally Posted by Patriot76

I have set my selling point at $ 4.00 a pound. That will be the day I retire from scrapping. A little short of your ceiling, but will be a nice exit for me.

FWIW if I had enough bare bright to be worth shipping coulda broke $4 today. If it keeps rising like this I'm gonna be buying #2 at $4 soon enough!

Originally Posted by JJinLV

FWIW if I had enough bare bright to be worth shipping coulda broke $4 today. If it keeps rising like this I'm gonna be buying #2 at $4 soon enough!

Amazing isn't it ! Current copper spot price is 4.20/lb.

The Comex and LME warehouse levels have increased somewhat over the last month. They are still near record low levels when you look at the five year chart. The supply of copper is limited.

~ It's mostly about supply and demand.~

Based on what i'm seeing at ground level .... demand for copper is strong. Real Estate has been selling like hotcakes here in Maine. (The same seems to be true in other rural areas of the country.) We're getting flooded with rich city people looking to move to the country. They're looking to get away from the pandemic and civil unrest in the cities.

The first thing they do when they buy a piece of property is to start renovating & remodeling. The plumbers and electricians are full up with work for the foreseeable future. That's a lot of new copper wire and pipe being bought. Demand for copper would seem to be strong.

The other thing i'm seeing is that gasoline prices are going up. We've had three increases in the past month. The price of a gallon of regular gas here has gone up over 30% in the past year. Increased energy costs seem to drive metals prices higher.

Wouldn't be surprised if #2 copper hit 4.00/lb if things keep going the way they have been. Maybe sometime within the next year or two ?

Aluminum might be the next thing to go on a run.