Metal Monday Episode #21 with Nick and Brett, May 20th, 2024

It's yet another green Metal Monday and copper is still blowing past expectations. PGMs are going up a bit, for the most part, base metals are still doing alright as well. Ferrous is still soft. Tune in to hear more! Produced by Recycled Media.

Transcription

all right it’s green again we waited long enough it went back to green it’s up almost 3 cents copper is just on a tear yeah over the weekend it was up big time yeah I think like 512 5:15 something like that came off a bit I was kind of like oh here we go here we go again um but yeah I think I mean last week it ended last week copper was just I mean on a tear and I just don’t wonder with all the short squeeze Market pressure going on I mean you can’t tell me the demand is just picked up that much in you know a month two weeks like I think it truly is Trader being Traders pushing this thing up the tariffs the tariffs I think I think it’s just a culmination of you know the like all the words and all the media messaging you know behind Ai and all the power it’s going to need and and it’s just I think it’s just it’s it’s all the it’s all the things right so you think it’s potent the potential demand you think the demand’s not quite

there yet but they’re foreseeing this crazy 1,000% I mean it’s I mean there is copper demand but I mean I think it’s it’s people projecting you know two three five years down the road and saying you know this could be the medal right and it’s going to play a big role but I think it’s I don’t think we’re there yet like not this week not to see like a face ripping 50 Cent 50 Cent rally you know or even more what like probably a 60 Cent at some point you know from like 450 to 510 I mean the question is this are we always going to be in the fives from here on out for a while like is this the new trading area you know H High fours low fives are we going to keep pushing you think we get back to Earth a little fours like I think 450 at least for a while unless the demand truly shows its face but I mean you know how this these Traders work I mean it’s I mean they’ll they’ll run that thing up until somebody feels like they’ve made enough and then

all a sudden they’ll drop they’ll drop it on somebody right somebody’s going to be holding that it might come off you know 50 cents in two days who knows which is why I say you know whether you’re a plumber electrician somebody’s selling copper like just be aware that people that are buying it for a living I.E you know your scrapyards recycling facilities they’re they’re buying it knowing they still got to process it and get it out and you know we we might get a 50 Cent swing and copper on the com Max but that doesn’t translate to 50 Cent swing on the number one or number two copper price these guys because they start to widen the spreads I saw something where you know the traditional number one spread or was you know there for a while I was running you know 12 to 15 cents I saw something their day at 35 you know so I think it depends you know you’re not going to get all of it you might you get some of it building protections for them too yeah it’s everybody right you know it’s it’s it’s forward looking

the best it can be and I think that’s one thing you have to CAU now the price is up I mean you’re going to get paid more for copper wire nowadays and you’ve gotten paid in a long time yeah I have some electricians I have a few guys that um have some copper and I’m like they’re getting it ready cuz I’m like you better get it like I’ll pay you cuz like I feel like it’s I feel like we got maybe couple more weeks of this we’ll see I could be wrong I hope I’m wrong I would like to see it keep running I think these these these election years are wild right there’s just so much so much going on um we trying to guess where the direction of things like and it’s just because you’ve got I mean it’s it’s elections on all fronts I mean other countries it’s an election year plus you’ve just got all the you know the macro things going on um that are affecting Commodities you know so we’ll see it’s going to be a you know it’s going to be a wild ride from here on

out it looks like any other big movements any other markets you’ve seen plaum and platinum you know were on a ripper like at the end of the end of the week last week too I mean Platinum you know broke a thousand ran past plaum platinum’s off this morning you know against rodium but I mean I think Platinum saw a really big run you know from like 900 and some change all the those have been so soft for so long like it feels like it runs in store rodum hasn’t budged you know it looks like it’s just flatlined mhm um but uh Gold’s still very strong Gold’s strong silver is strong 31 and some change um nickels strong nickels 9 pushing 950 right but the stainless price is still kind of stainless is still kind of just because of the feris price yeah I think so and it’s just I mean I I think that you know maybe the price at nickel per se is is up but that’s not you know not basically you know creating a bunch more demand it’s not coming from a bunch more Demand on the say the 304 the

316 stainless front right because Ferris obviously traded down a little bit this month sideways to down depending on the grade so which is a big component of that of that grade um so yeah I think being aluminum is pretty strong right now too it’s it’s it’s been on a you know it’s it’s kind of been booed by you know I think those tariffs that have been put move forward um so yeah I think it’s all things positive for the most part on the base medals front which is good I mean I and I think that I don’t know that it’s translated into a crazy amount more volume for us it just doesn’t feel like that now we’re paying more for scrap so we’re we’re spending more money but I don’t know that that’s creating an excess amount of volume right it just it looks like we’re we spent more it feels like you’re busier cuz we’re ordering money more often and you know but the volume the volume’s been better but they’re not like you know like if we were spending this money at $2 copper you know it’s a whole different volume yeah

you double the volume man yeah it’s crazy so well tomorrow I get a new book day trader attention very excited ordered that book like a month ago yep so we got those I’m excited to start talking about that with everybody but more on that soon coming up all right everybody have a great week and uh hold on buckle your seat belts if it if last week was any indication this week should be much of the same mhm thanks everybody k