Metal Monday Episode #40 with Nick and Brett, October 2nd, 2023

Another bloody Monday as the strength of dollar is killing metals pricing, plus lots of unease and volatility with war in Ukraine, the UAW strike and other factors at play. Tune in to hear the guys' thoughts as we look ahead to the rest of October. If you'd like to guest star on Metal Monday or be on A Scrap Life, text us at: (208) 487-4311. Produced by Recycled Media.

Transcription

foreign everybody everything’s red I feel like this is just I mean it would I would almost be shocked if we woke up on a Monday and the market was actually in positive territory it’s gonna happen one day it’s just one day it’s gonna be the one right but we don’t do we do it on a Tuesday the Monday is green and the Tuesdays that’s true probably everybody’s was wishing we’d stop doing this podcast because they’re like as long as you guys are doing that then the markets are just gonna bleed all over themselves but yeah things are rough today I mean Copper’s down almost six everything is getting mushed nickel has been getting killed so it’s really sideways today up a penny you know which in nickel that’s not much of anything you know um Platinum Palladium I mean yeah platinums well Friday hundreds was like yeah Thursday or Friday it was I mean they had like a good little run yeah and then monkey hammered back down so it’s uh what’s going on why is it doing this to us well the dollar is ripping this the dollar is just killing it I

did our Bulls versus Bears podcast with uh Chad ellerbrock this morning and um and you know we talked about a couple things but you know King Dollar Reigns man that thing as long as the dollar is what it is that’s hard on base it’s hard on base Metals it’s hard on Commodities um and if there doesn’t people don’t feel like there’s a relief any relief in sight I mean the FED has made no bones about it they’re trying to slow the economy down I feel like they’re doing a dang good job of it right now you’re starting to see some like relief some pricing relief and everything from Trucking to real estate might be the next you know coin to you know going to drop so I don’t know I it’s uh it’s an interesting Market to say the least especially on the base metal side so Ferris you and Chad talked about Ferris markets this morning we don’t you know I think we you guys can if you want more insight in the ferris Market uh please listen to that but as far as like just kind of the cliff notes version is

you know it’s it’s a buyer’s market for sure um because on the sell side you know your your options are becoming more limited pricing pressure is uh is still there but you know there’s there’s a couple bull points in the in the you know the ferris side but don’t expect a big price increase this month are we you’re lucky for sideways okay and I haven’t got any firm numbers on my end for the you know the bills and people we sell to but and it could be different over here on the West everybody’s got a different Market you know I think you know versus where chats around the Chad’s in the Midwest for sure and but we talked when chat and I talked we don’t talk about his Market Per Se we just talk General market dynamics and the General market dynamics are you know the uh all of the oh how do you say just the potential uneasiness of everything that’s going on whether it’s the Turkish Ukraine war whether it’s the you know the UAW striking you know for so from the demand side to the you know the scrap Flow side

it’s a it’s a tricky one out there this month for sure and I don’t know that it gets a lot easier going into the end of the year we might have a rough end of the year you’re thinking I I hate to be that guy but I don’t feel like you know there’s a uh unless something positive happens to change the momentum it feels like there’s a lot of just uh uneasiness in in the markets in general all right so October where does copper land into the month I think we’re lucky to hold the line where we’re at you know I I don’t know that we go you know unless we get this the economy gets hit real hard we maybe you know dip farther but I feel like it’s kind of at a you know a fairly like a trading range for lack of a better word I think there’s you know within this range and you know up or down a dime you know it feels like that’s where it wants to be every time it pushes higher then it gets it gets beat back down so so maybe we should stay

around 360 to 370 for October it’s the range here what’s the old saying lower highs and lower lows you know so it’s like you know that range as it chops down um well with response we will wait and see where everything lands we will share next week if we have a little more insight on you know where Ferris landed um you put a post out there about the 75 hard how’s your second day going it’s good it’s good um I was telling which I was talking to Chad this morning and I was like I don’t know what it is I got this sick thing in me that like like it’s not hard enough right but we’re doing it in the middle of this huge construction project I’ve coached my my kids sports so it’s like the time is very limited football season Thanksgiving like thanksgiving’s coming up I have this sick mentality to do stuff that’s like really not optimal timing wise sometimes but it’s like what really makes it fun for me I guess so I don’t know I’m I’m not here to tell you that’s that I’m that I’m gonna do it

I’m here to say that I’m not afraid to try it you’re gonna give it a go yeah I feel positive I feel like it can be done but you know I know that there’s a reason why it’s called 75 hard and it’s not because the shit’s easy yeah well I’m excited for the challenges day two you know so it’s easy to be real optimistic right now okay now we’re both like grouchy like how’s the market we don’t care if something sucks and then two weeks from now we’re like we’re like trying to get into fist fight all right all right thank you everybody have a great week have a great day foreign