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I find it hard to believe but the owner of the yard where I take my scrap to said the recent dip in copper prices was related to the latest screwup done by JP Morgan Chase bank. I wouldn't know one way or the other, the only thing I knew is that my price in Chicago was down 20 cents last monday(2.50 a lb.) and I wasn't happy.
The dip in price is from two reasons now. The first and really lesser reason is the trouble in Europe. Greece, Spain, and Italy are killing the EU now and driving the Euro down in relation to USD. This makes our copper worth less. The other, more troubling issue is China. Its hard to say because they are not the most forthcoming government when it comes to admitting problems but it appears the Juggernaut that is their economy is starting to fall. Recession in China is bad for everyone as almost everything in the world made with copper is made there. I was surprised they didn't prop the market at $3.60 but that tells you how bad they are now. Until these things are fixed we can expect lower copper prices for awhile.
A little bit of background to Jim's post.
http://www.reuters.com/assets/print?...84H09E20120518
Copper closed today on the Comex at 3.502# for July delivery.
How does that relate to what we are going to get paid at the yard? Just deciding to hold or sell.
me personally i am holding and stock piling. The only copper I have turned in since starting scrapping in Feb is elect mtrs and transformers from electronics and low grade boards. It depends on your situation I guess. Are you doing this as a full time job or part time? Do you need money now or can you hold onto your copper? As far as futures prices I think it all depends on the overseas economies at this point. I believe that since they are the biggest consumers, especially China, of copper then price will move according to how much they need. There are others on this forum who are much more versed on this topic, just go back a few posts and read as much as you can, especially the ones from the yard owners.Quote:
Originally Posted by racerboy832
Copper has also dropped 20 cents in the past two weeks on both #2 and bright wire here in Northern VA.
I got $2.75 for #2 and $3.10 for bare bright as of Monday. Whatever.
On the plus side, #2 insulated wire has been staying strong at $1.25 for a good while now.
I changed yards today after the one close to me only gave me $1.75 a # for some really clean #2 stripped cord wire and soft copper tubing. I was very happy with the $2.80 a pound this new yard gave me for almost the same quality.
And I didn't get that LOOK! like I was an upper 50's crackhead just because my hair is longer than MOST. GRRRRR