Metal Monday July 6, 2021 with Nick Snyder and Brett Ekart.
Play the youtube video and follow along with the text below.
Nick Snyder:
All right. Welcome, everybody. We got another Zoom 'Metal Tuesday' for you because we were closed yesterday. Everybody was still enjoying their time with their family and their friends-
Brett Ekart:
Exactly.
Nick Snyder:
... How was your 4th of July, Brett?
Brett Ekart:
It was good, man. It was good. It was pretty low-key. The family got up the next morning and took a flight over to Houston, Texas; which is where I'm at right now. We kept it pretty safe. Insane fireworks at our house on the 4th of July. But the weekend, in general, was good, man. We hung out. We got to do some fun stuff, some parades, and all of the 4th of July shit that makes the 4th of July so awesome. The barbecues, the good stuff.
Nick Snyder:
Yeah, same here. We barbecued all weekend. I took the kids to the pool probably five times this weekend; multiple times a day.
Brett Ekart:
Yeah, you got some real swimming in?
Nick Snyder:
Yeah. Keep everybody cooled off. I took them and got snow cones about every day. We've got a pretty good snow cone shack. It was good. It was great, man. As I grow older, I really enjoy Thanksgiving, and the 4th of July.
Brett Ekart:
Yeah. Understand. Give me Thanksgiving and the 4th of July, and you can keep the rest of them.
Nick Snyder:
Yeah. Yeah.
Brett Ekart:
That's a good trade in my book.
Nick Snyder:
Those are my top two, because that's more of what it should be about; just spending time together.
Brett Ekart:
Yeah, exactly. Lighting off fireworks, and eating food, and drinking beer. And then, on Thanksgiving, watching football, eating food, drink some beer. It doesn't get much better than that.
Nick Snyder:
Well, anyway, this morning I was excited to give everybody some good news. All the green markets and then-
Brett Ekart:
Oh, God.
Nick Snyder:
Give them a few hours.
Brett Ekart:
That deal turned quick on us.
Nick Snyder:
Yeah. Shoot, man. Everything was green a few hours ago, and now we're seeing dips of 6 cents on copper, seeing 400 down on rhodium, $42 down palladium. Do you know what's driving this?
Brett Ekart:
Not really. The stock market opened up. The commodities opened up strong, and then the stock market dove off this morning. It wasn't like the ISM print was a little bit less than forecast. So I think that whacked the markets, and then that in turn, just drove the commodities with it, which probably strengthened up the dollar, which is why the commodities got hit. So, we went from counting our money this morning, to counting our debts. Just that quick.
Nick Snyder:
Oh, it's crazy, man. That's just the world we live in. Anyone trading any commodity, not just metals.
Brett Ekart:
It is, man. And you know, it's like I said, "It's not for the faint of heart." I still think the ferrous market should be fairly strong this month. And who knows how this day ends, this is how it started. I feel like we're getting into some real volatility. I don't know. We'll just have to play it by ear and see where it goes. But I feel on the non-ferrous, precious metal side, there's really heavy volatility. And on the ferrous side, I feel there's not as much volatility that we're going to have to deal with.
Brett Ekart:
I think that July should be sideways to up money, for sure. But I guess, we'll see. What's hard on a month like this is, today's the sixth, so if you get any deals done this week, it's in a weird way, like a short-ship month. So, you've got to calculate in the days available to be able to ship, because if you get a deal done in the next few days, that's going to put you the 7th, 8th, 9th. You're not working with a lot of days, so you have to get after it this month, if you want to move serious tons.
Nick Snyder:
Yeah. That's true. Just the way the weekend fell, with the 4th, there's not as many days to get some stuff done.
Brett Ekart:
And then, the market the way it is today, who knows? If it takes awhile to shake things out, and try and get everything going. But we'll see. It'll be interesting.
Nick Snyder:
Okay. Well, next week we'll give everybody an update on ferrous, see where it lands. Correct me if I'm wrong, it seems like the beginning of a lot of months, I see some dips; the beginning of the month.
Brett Ekart:
I don't know. I think it just depends. It's so macro now, as far as the world, and what's going on. There's just so much noise, and so much feeding into it, that it's just hard to tell. I can't really find some solid trend line on my end, other than just my strong belief that we're on the right side with the commodities. Just trying to be patient, and let the market come to you. Pick your spots and make the sale.
Nick Snyder:
All right. Thanks Brett. Enjoy your time in Texas.
Brett Ekart:
All right. I appreciate you today. I appreciate you taking care of our dog. My wife is forever grateful, and so are my kids.
Nick Snyder:
Oh, she's a great dog, especially for a puppy, she's chill. But we'll see everyone else next week.
Brett Ekart:
Appreciate you, man. Thanks.