Metal Monday Episode #32 with Nick and Brett, August 8th, 2022

On this episode of Metal Monday, Nick and Brett discuss how August is progressing so far and how their copper bet is playing out.

Transcription

all right welcome everybody we got a metal monday we got a happy medal monday yeah so tell us what the markets are doing i’m five cent five cents closer to uh getting my next what we bet three hundred dollars do the copper was up you know five cents i think last time i checked it’s trending in the right direction for you because you have uh you saw five weeks right yeah i got i got it i was kind of kicking myself giving you six weeks what the hell i let you get i let you uh distract me i gave me two more cents and i gave you two more weeks but whatever we’ll see what happens hey we’ll take it yeah i’m hopeful that you know i’m i’m hopeful that the commodities are starting to balance a little bit um obviously the non-ferrous you know i think they they fell so far so fast and i’m not saying that that the the fall is all the way over but it fell so hard so fast that a balance was inevitable and whether it’s a dead cat bounce you know or a brief

period of positivity i don’t really know but why is it right now the dollar was coming off a little bit yeah dollar you know the stock market was up um i think people are getting i mean as a little bit more comfortable with um the what the fed’s doing on the interest rate side um whether that’s a good thing or a bad thing i don’t know but it feels like it’s there’s still going to be a lot of pressure on commodities for that reason you know fuels came off a little bit giving some people a little bit more breathing room i think oil was in the high 80s last time i looked at it 88 89 um a barrel so i’m i’m i’m thinking it’s just you know like overall sentiment is a little bit more positive this morning and a little less pressure on the dollar okay good and i mean at least the manufacturers i speak to they all have so many orders they’re all so busy still i mean if that keeps trending where you know there’s just a natural demand for this material yeah you know that’s going to obviously

help how’s nickel is the demand for nickel looking any better yeah i don’t know you know nickel was the of everything this morning of of all the commodities nickel was the only one that showed red you know but it wasn’t down it wasn’t like getting crushed but when everything else is positive and then you look at nickel and you’re like wow you know it’s but it reads into that but um you know we’ll see it’s gonna that that market will be you know i think we’re looking at fall before you know maybe winter fall before we really get so much love on that i mean that’s for everything i’ve read so we’ll see ferris what did ferris do we didn’t have a ferris wheel this this month um you know i think it’s depends on what the grade is it feels like primes were getting we’re getting hammered pretty hard so you’re bushing stuff and then eight and same with your hms but you know i think shredded and cut grades they kind of well if shredding bonus seem to be you know hang around and but we’re looking at 10 to 20 bucks

you know yeah okay is what uh what i’m here i know there’s some some people that are trying to talk it off 30 but i don’t necessarily believe that’s the case i mean i’m sure they’re getting it if cert certain people for cash flows is the game right but i don’t uh i don’t believe the market’s off 30 bucks i call bs on that well i listen to your bulls versus bears with chad yeah which you guys talked about like how many times you’ve heard that oh this is the bottom yeah do you really think we’ve hit a bottom i believe i thought we were at a bottom last month so but we still feel like we’re like pretty much there yeah so we might see something at the end of the day like this fall we see some numbers go back up for us personally and this is just you know our business like i’m not moving iron at down 30 this month like i’m not doing it because that’s not the number in my opinion now i could be wrong and next month could be off 50 and i’ll look back and

say maybe i should have did it right yeah but at down 30 i’m good like i’ll still make some piles i’ll make a pile of crap yeah because it’s that to me i feel like a the flow at least over here in the northwest now i’ve i’ve talked to you know my buddy chad i’ve talked to some people say yeah there’s still some pretty big piles of scrap out there on the cup grade you know hms side and in certain regions that makes sense like they don’t they don’t have to pay up right i think over here in the rocky mountain region where we’re at northwest region the flow is drying up yeah yeah there ain’t no doubt about it and i don’t i’ve been to a lot of yards in the last few months and looked around and i so i’m i’m willing to take the gamble at this point and say we’re close to the bottom if we’re not on the bottom and the well i hope we’ve hit the bottom i hope we see some ups here come the next few months coming to fall you know we see some prices

get back to where we were but only time will tell yeah so i’m ready for uh i love my family i love my kids i’m ready for them to go back to school i’m ready to just get back here back to the normal day the last few weeks probably this last month has been trying to hang out with them do the summer thing do the dad thing but like i’m locked and loaded and ready to be back at work every single day yeah it’s nice to get back into the phloem i know my kids aren’t looking forward to it but i do know especially my youngest like she really i think it really enjoys going back to school seeing her and some of her friends yeah that she doesn’t get to see in the summer you know she’s going to be a fifth grader she’s gonna be like the big kid on campus oh yeah so she’s excited for that you know my high schooler that’s a different conversation i got a 12 year old that’s you know going it’s going to seventh grade yeah we have to drive by his school every day

when we come home and and they’re having a reader board and says coming back to school and he’s look he’s just like ooh and he’s like he’s not excited you know i said well it is what it is bud yep yep get somebody for you get some really ready for real life though the real world exactly all right hope everybody has a great week thanks everybody