all right metal monday we had a weird week last week it was a real it was a doozy copper got its ass kicked but today’s been much much better it’s yeah and it kind of recovered a little bit on friday too yeah i think it was thursday the blood bath day what day would it just get thursday was for sure friday wasn’t very pretty on the pgm side but copper kind of recovered yeah the base metals were just kind of hanging around um but thursday was the thursday was a day then you like you just want to like when i start the day and then about midway through i’m like well ain’t nothing good happening today i might as well just uh go home and uh wait wait about till tomorrow i think it was um 2012 when you know things were really good but then they just started going like this for like a year you know i was hurt it was 14. was it 14 14 14. i was scared it was just death by a thousand thousand cuts that’s what i always say so it’s it’s refreshing to see a little

recovery today and we’ll see it’s natural you know in a healthy market if you see it up consistently for six months i think you gotta worry too you know so yeah everybody like to see 450 copper again right five dollar copper like what was what we we keep preaching but ultimately i mean it has to take a break at some point um you just hope the break doesn’t turn into a long-term you know sell-off so obviously i always said if i was if i was a trading metal futures for a living i probably wouldn’t need to sit here and talk about scrap every monday or run a scrap yard but i mean i think we have a pretty good feel for where what we want to do with the commodities that we intake and i was reading a quote the other day and i really liked it and then and and this is kind of my take on it right so everybody has their own way of doing it and obviously we have really good contacts within the hedging side but we don’t hedge you know um and that being said our

we hedge with physical material right so we’ve always said like we’ll hedge by accumulating material and we feel it’s a soft market then we’ll hold and that’s our hedge um when the market’s screaming up then our goal is to process it quickly and get it out so we don’t necessarily have to hedge it we just get it production get it out and then as the market comes off then we kind of sit back and hold but as a commodities trader you can be essentially two things you can be a broker which is basically you’re you’re not you don’t ever take possession of the material right you buy it for a dollar and i buy it from you for 1.05 and because i got a buyer for you know 107. i just take that chunk out of the middle so you never really take possession because you’re selling it as soon as you’re buying it in our situation we are i feel like we’re more true commodities traders because we’re actually taking possession of the commodity whether it’s platinum palladium rhodium from a converter or copper wire or aluminum or nickel in in the

form of stainless and we’re truly trading that commodity sometimes you win sometimes you lose you know but then the only way to really get the true upside is to take physical possession of it and try and ride a wave one way or the other yeah you know you can argue 10 different ways of doing business and somebody can tell you yeah that’s not smart you’re going to take your profit and move on well at some point yeah i agree you do need to take your profit and not get greedy but you also have to be willing to take physical possession of the material and look for that upswing so that’s how we play it on our end and right or wrong that’s our scary february 2020 we closed the deal to buy a very what was it 120 000 pounds of copper yeah you know we closed the deal we locked them in uh then the corona stuff like started happening in march and everything took a you know and it got ugly but we honored our quote and we had to hold till the market got back to where it was you know

and we didn’t make a killing on that but we held it and we moved our other stuff and adjusted accordingly and uh and that’s where the risk is like i’d say 95 you know scrap yards are doing similar risk you know yeah there’s not a whole lot of hedging going on out there you know but we have a lot of relationships with brokers and that’s just a whole different business model than a scrap metal recycling you see a lot of scrap metal recycling companies as they expand and they go they expand into the brokerage side well i have a lot of guys that i do business with our brokers and they really are just brokers you know because i think that the actual scrap metal recycling facilities are more commodities traders because they’re actually taking physical possession processing it you know either you know packaging it repackaging it whatever and then selling it into an open market um you know but versus brokers it’s relationships it’s you know the front end the consumer on the back end the front end who’s processing it you know it’s just a different business model respect for everybody

doing it on both sides but i prefer to be on the the trader’s side yeah i like it well any you know next week on days like today on days like today yeah it’s thursday when you’re like i’m out i’m going home i’m gonna i’m gonna call it a day today any uh rumblings on iron yet i haven’t heard anything to be honest um i uh i don’t know i don’t know what to every time i think i’ve got a feel for it you know i feel like it’s sideways market okay is what it feels like to me be a few weeks out on that but we’ll keep everybody posted shout out to my brother-in-law chucky he bought me this in new york yeah i love it my new favorite cup so well it fits your personality mm-hmm yep everyone cheer up yeah have a great day all right