Welcome back to another Metal Monday. Today, copper prices are above $4.20, and I’m happy to see it. It’s been fluctuating, and while it hit $4.20 last week, it didn’t stay there long. That $4.20 mark, as some might know, is a favorite number for people like Elon Musk and Martha Stewart. So, seeing copper above $4.20 is definitely good news.

On the ground, we’re starting to notice a slowdown in materials, especially with construction projects. I talked to some larger contractors, and they’re noticing fewer projects in the backlog. The economy is clearly slowing down, and that’s something the Federal Reserve is also acknowledging. They’ve hinted at a potential rate cut in September, which could have significant effects. If rates start to drop, it might reignite some economic activity, but we’ll have to wait and see.

Although copper flow has slowed down, there’s still some activity. Around our area, construction is ongoing, but not at the breakneck pace we saw a few years ago. Back then, it was almost too much. The prices are still up, which suggests demand hasn’t peaked and rolled over just yet. This is particularly noticeable in certain regions, like parts of Texas, Florida, and Nashville, Tennessee, which are still seeing growth. Idaho, where we are, continues to grow, though not as rapidly as during the height of the pandemic.

Looking ahead, 2024 might feel like a year of just getting through until we see what happens in the 2025 election. However, I believe that elections don’t determine the success of your business. What matters is your ability to adapt, change direction, and tighten things up where necessary. The success or failure of our business will depend more on how we navigate these changes than on who ends up in the White House.

September isn’t looking too promising. If you have material to move, it might be a good idea to get it done this week. The export market off the West Coast is softening, and some furnaces will be going down for maintenance next month, limiting the tons that can move within the U.S. It’s going to be a challenge, but that’s what we do—we fight through it.

In other news, we’re getting ready for the BS versus Bear event in September. Also, the LinkedIn Club and the 75 Hard Club are kicking off on Sunday morning. Whether you want to join fully or just do part of it, you’re welcome to come along for the ride. The timing might not be perfect, but we’re moving forward regardless.

Thanks for tuning in, and have a great week!