all right welcome everybody first medal monday of march how you doing i’m good man it’s what a crazy if i mean like what a crazy first metal monday march i guess it’s been a crazy week since last metal monday it’s been absolutely bananas i i jinxed them copper market everybody because i put a post out there that we finally broke five dollars yeah for like an hour for an hour and now it’s back down to wow 470 470. yeah you know so it’s a 30 cent swing like swings like it’s crazy this market um creates heroes and zeros on the hour right like one day you’re you’re a because you sold early the next day you look like a genius and then the next day you look like a again so i don’t know it’s i don’t you know luckily enough we we uh we did good for ourselves we got some we got a you know a bunch of copper chops off at the right price so we we sitting so we look like heroes today for today tomorrow might be different yeah today you’re a hero tomorrow you could be a
zero or later this afternoon you could be a zero i guess just a pen so yep yep it’s um it’s been wild ferris ferris is gonna be up i don’t know if you got that hammered out all the way we’re working on it everybody’s scared to pitch a number because nobody knows just like anything else nobody’s knows where it should be could be it’s such a moving target right now you know and the difference between state ferris and non-ferrous you know most people probably understand this but you know ferris you’re locking in x amount of tons over you know hopefully the course of a month so you know when you’re having daily swings like we are right now it’s hard to lock it you know people don’t want to buy for a month right um steel mills you know or whatever but uh you know non-ferrous where you’re selling every day every you know hour or whatever you’re the pricing is moving and you’re locking it in at xyz price and it’s you know it’s good for a load or two right it’s not it’s not like a full month of volatility
that you got to kind of weather yeah and nickel broke 20. dude we were just talking about this last week i said call me when it gets to 20. yep okay here we are here we go later we’re so close to five dollars copper 20 nickel we’re going crazy on palladium rhodium it’s wild gold this the market right now i will say this like i don’t love it like i don’t sleep good at night and not because i feel like we’re we don’t have uh um you know we’ve done really well like we have a good ass team like we we buy stuff right we sell stuff right for the most part we we hit our we have our hits and our misses um but when you’re it’s hard to buy anything or price anything because you just don’t know and so i feel for the consumers that are buying stainless steel today that are buying aluminum and copper products and you know converters and you know platinum platinum rhodium like because you just like i said you know it’s making heroes and zeros on the hour right so you’re it’s hard to know
where you’re gonna land there’s really no consistency it’s but it’s also the rush like this is why people are in this business yeah like i was talking to my buddy danny jones the other day and he’s like man i love it when it’s volatile like this right he’s like this is why i do what i do and part of me says yeah like there’s some of it that i like but some of it that it’s like you’re just throwing your hands in the air half the time and you’re just kind of like i don’t know i guess it’s hard to adjust it’s hard to adjust on your buy price you want to get it right out there but you want to be safe you want to take care of the customer with the adjusting markets but that’s the biggest part right you know we talk about is what you don’t want to do is screw your customer no so you but you also at the same time don’t want to screw yourself so you’re trying to like find that happy medium that’s like you want to give your customer the market price you also
want to give yourself you know the ability to because we don’t hedge so like guys in this market that are hedging you know you you could maybe cat you cap your upside but you definitely you know like to think that you’re gonna you know limit your downside but you better be hedging units you have because if you go out on a limb and hedge at 470 today or 480 or whatever right and also the market screams to 510 520 now your hedge like you’re underwater so you got to go buy units to get to match the volume of your hedge yeah and so you know there’s plus and minuses there is yeah and for us when you’re not a hedger like we aren’t then you you better be ready for the volatility yeah we’re getting prepared we are we’re adjusting prices you know on the daily and it’s wild out there it is it is good times um march should be a good month you know it’s shaping up to be a decent month on the commodity side there’s you know fuel that’s the other thing that kind of we don’t talk about is
the price of fuel is going crazy yeah and that’s not a good thing for the scrap industry per se on the trucking transport side usually five dollar you know diesel equates to pretty good steel pricing pretty good you know commodities pricing in general so you know there’s pluses and minuses but where it’s gonna be hard is the average american they’re gonna feel it you know yeah i feel for that like you know i had someone comment on my post yesterday like i was celebrating copper and he’s like yeah what about gas i’m like well you got a point a lot of times they they do follow each other you’re gonna see a big run and one the other one tends to somewhat follow not always i’d love to see two dollar gas five dollar copper don’t get me wrong but yeah i don’t think that world really exists you know you’re gonna you know you gotta find that happy medium you know so this the the moral of the story of the day is to find the happy medium i like it all right everybody stay tuned for an amazing a scrap life with
adam weitzman yeah we got one another good one coming up we got a couple good scrap life’s kind of on the deck on deck so we’re uh it’s been fun talking to people we’ve been able to travel and see some stuff i had a guy hit me up yesterday that’s that’s i’m really looking forward to seeing if i can um talk to him so yeah it’s going to be good i like it all right well um have a good week everybody all right take care