Metal Monday October 18, 2021 with Nick Snyder and Brett Ekart.
Play the youtube video and follow along with the text below.
Nick Snyder:
All right. Welcome everybody. October 18th, another Metal Monday. A week ago... We're cop around Comex for 430, 425, 430.
Brett Ekart:
Yeah, in the twenties.
Nick Snyder:
Yeah. And today-
Brett Ekart:
High twenties.
Nick Snyder:
Today's the first day, it's cooled a little bit. Down about four cents right now on the Comex, depending where you looking.
Brett Ekart:
Which is what, in the high... I didn't even look this morning to be honest-
Nick Snyder:
High sixties.
Brett Ekart:
Okay.
Nick Snyder:
Still, it was about 470 at one point, but everything just took off like a rocket. Every... Nickel, the base metals did, nickel, aluminum-
Brett Ekart:
Copper was up this morning. I saw-
Nick Snyder:
It was up a lot.
Brett Ekart:
It was up to... We almost hit that May peak. I think it hit 478. I hadn't looked at it yet lately because that... Pretty much I sold a lot of copper last week. Once I've sold, at least I'm sold out for a couple weeks. I just kind of set-it and forget-it type deal. Other than... I have that luxury, you don't because you're in charge of-
Nick Snyder:
Buying.
Brett Ekart:
[crosstalk 00:01:14] ...buying.
Nick Snyder:
Yep. I was up abnormally late yesterday. My girls had the day off today, like a teacher inservice. We did a Halloween, the girls made popcorn balls and we watched scary movies. I was up to about midnight, which is really late for me. So I checked it, even though I know I should just leave it, but it was up like crazy last night. Then I woke up this morning, by the time I got here, it was kind of cooled off. It felt like last night, I was like, dude, we're going to get to five. We're going to get to five this week. You know?
Brett Ekart:
Well, I know we've been... We haven't talked about five dollars for a while, but I feel like we've been talking... You and I have been calling five dollars for a while.
Nick Snyder:
We've called it all year-
Brett Ekart:
We might have looked like assholes there for a little bit when we went to four. But I feel like maybe we're going to get-
Nick Snyder:
We might get...
Brett Ekart:
... some retribution here soon if it really gets to where we think it's going to go.
Nick Snyder:
We've called it. The guys over at Zaner have said that they think it'll get there by January. And we'll see. So that's a good sign for everybody that's trading these materials. It's good for our customers, our day-to-day customers. They're going to see a increase in their copper.
Brett Ekart:
With these big moves like this, though, you have... The spreads will start to widen out. You have to expect that to happen. Ferris market looked pretty strong last week. I would anticipate November could be a strong month. I haven't heard anything yet, but obviously we still have 20, 22 days left, but... 23 I guess, but... Or 13, sorry-
Nick Snyder:
13, yeah.
Brett Ekart:
... my math is off, but I feel like November could be a strong Ferris month as well. So far as long as nothing crazy happens that we don't see coming, everything seems to be kind of holding the line.
Nick Snyder:
Yeah. So hopefully we see up numbers in November and December. I know that might getting greedy of me, but I'd love to just close out the year with a couple just great months. Weather permitting over here, we have a lot of customers that take care of... that's a big weather permitting over here because sometimes that snow just flies and can't do it.
Brett Ekart:
Well the thing is, man, I think the logistics... Everybody's talking about logistics: logistics this, logistics that, moving the material in the yard, out the yard... That's what's going to play a role, I think, come November. As long as the steel mill order books stays strong, which it looks like they are. It's going to be a logistics game, who can move the material. I think nothing's changed on that front. If anything, it's just gotten more challenging in my opinion. I mean it's challenging for us and we feel like that's probably one of our biggest strengths.
Nick Snyder:
Absolutely. We can move our own material and not everyone has that luxury. I hate to say that we're lucky, I mean it's been planned, but I feel that way sometimes. I feel blessed and lucky that we have that component. Well, we'll see-
Brett Ekart:
We've got a interesting guest, a good guest, a new someone with some big news coming up next Monday. So we kind of plan to have some fun next Monday on our Metal Monday. But until then... We'll keep moving-
Nick Snyder:
Stay tuned and we'll have our special guest next week.
Brett Ekart:
Move your scrap. It's a good... The pricing's right and who knows how long that deal's going to last? I don't think if, when the markets are like this, it's ever a bad time to make it go away. So that's my word of advice today.
Nick Snyder:
Thanks everybody. Have a great day.