Metal Monday Episode #44 with Nick and Brett, October 31st, 2022

On this episode of Metal Monday, Nick and Brett discuss base metal pricing as October comes to a close.

Transcription

foreign of October and it is Halloween how you doing this Halloween Brett you know we were just talking about it’s pretty fitting for Halloween for the market to be bloody red we should Dracula style yeah we should be dressed up like vampires right now because it is bloody yeah except bat lead lead so if you have lead acid batteries you might be able to get a decent price and by decent I mean like 20 cents well the batteries though is still that’s a tough thing to move right it is yeah so even with lead going up that just people can’t move them you know and I had a podcast this morning with my buddy Chad ellerbrock you know we did the Bulls versus Bears and we do and if you haven’t checked that podcast out you need to chat is super in tune with the ferris Market he’s you know he’s got charts for days um he’s he’s super intelligent and I think he gives a lot of insight into kind of maybe where the trend is and what’s going on the ferris Market which to be honest isn’t great so I think that’s

what we have to kind of well where are we where are we going for Ferris in November it’s gonna be down I don’t know at what point how much but you know it’s starting to become a 2014-ish scenario where it’s you know Death By A Thousand Cuts I don’t see it a big cut coming but I do see you know definitely some some softening in the Market at least through the end of this year and to be honest you know depends on what 2023 is going to bring but it’s not the picture isn’t super Rosy but you’re thinking down 20ish what do you think yeah depends on the grade okay you know 10 to 20. 10 to 25 what it what it feels like but I mean if I don’t know how who out there has a ton of you know or a material to move I mean the good thing for us is for the most part we’ve we’ve moved a lot of our scraps so you know we’re moving what what we can buy we’re kind of you know working that part of it but flows are still flows are still

slow um nothing’s really changing a lot on that front um at least on our end so it’s gonna be uh you know I think it could be a long cold winter you think the non-ferrish follows Ferris just kind of trickles down by a thousand it’s like a different Market I mean obviously aluminum isn’t is kind of its own deal right now with you know the whole energy deal and you know other countries you know having to having a tough time you know paying for the energy the cost it takes to melt aluminum you know in today’s world and that has a trickle effect or you know into the U.S domestic Market which has the Mills filling up but you know I think the copper is what was it this morning like around 3 40. it’s around low 340s yeah somewhere in that range so we got to three we got broke into the 350s last week yeah temporarily got up there temporarily and now it’s back down at 3 40 where yeah I feel like it’s been there for months the 340 range yeah the fed you know we got the FED

they’re gonna put probably raise the rates it’s pretty much a lock from everything you read when does that come out Wednesday so that’s probably there’s you know it’s 75 basis points or three quarters of a percent you know that’s that’s on the that’s on the docket this week um so that’s going to have some effect on the market the Commodities and the volatility that’s that’s out there right now I mean you’re seeing big swings up big swings down um and I think that’s that’s never a good sign when you have that much volatility in the market because that means that people just don’t know which way to go I’ll tell you I guess we’ll just have to wait and see see where things land and we’ll adjust accordingly like everyone else all you can do I mean in this at this point you have to be you know telling everybody right now like be Super Wise their Capital like be smart about what you do you know the sun will shine again the clouds are dark and they’re they’re a little nastier out there but I still think you know it’s it’s a Commodities

world we live in and and the world doesn’t move without copper aluminum steel so it’s not going anywhere the pricing might be soft for a while the demand could be soft for a little while so it’s just a matter of who can kind of weather the storm for the brighter days and so I’m still super optimistic about the market in general but the short term feels a little squishy we might have a rough rough six months it could be yeah six months could be a year so I always help you like be smart be you know make good decisions um and put yourself in a position to to be successful when the when the sun does come out again all right thank you Brett I appreciate it absolutely have a great month great week everybody all right thanks