Nick:
Welcome to another Metal Monday. How you doing, Brett?
Brett:
I’m good, man. Just grinding through this 75 Hard. I think we’re on day 2 or 3, not even halfway, but it’s a grind. We’re almost through September though, right? A third of the way there. The routine is setting in, but it doesn’t mean you’re not sore by the end of the day.
Nick:
Exactly! I look at it like, next week, we’ll already be in October. Then there’s October, and half of November, somewhere in there. We just need to stay on the grind and get through it.
Brett:
Yeah, other than that, it’s not too bad. But honestly, getting through football season without being able to drink K’s Light has been tough! I got sick, and that was hard. Last time I did this, I never got sick, so that threw me off.
Nick:
Yeah, but you made it through. That’s why it’s called 75 Hard, not 75 Easy! Either you’ve got it or you don’t.
Nick:
So, what’s going on this week? What’s the price of copper going to do? It’s $4.35 this morning, still looking good.
Brett:
Yeah, a lot of it’s because of the Fed. Last week, they went big with a half-point increase, which pushed commodities temporarily. Copper, aluminum, nickel, and PGMs all saw a rise but are cooling off now. But overall, in the last 30 days, they’re still stronger.
Nick:
Yeah, and with the Fed’s last decision before the election, we’ll probably only see one more before the end of the year, which could push the markets one way or the other.
Brett:
Exactly. If they drop another half-point, we might see some movement. But I think the election will be the next big market mover.
Nick:
Yeah, it’s crazy how fast it’s coming up. We’re a month and a half away from November.
Brett:
It feels like 2020 was just last week, and now we’re almost at 2025! Time flies.
Nick:
Yeah, the markets are unpredictable. As we talked about last week, we might see some sideways movement in October unless something happens. I don’t anticipate a big move in either direction, though.
Brett:
Yeah, maybe copper goes up a little, but it depends on mill outages and export markets. You and Chad discussed the mill outages on Bulls vs. Bears, right?
Nick:
Yeah, some mills are doing maintenance or installing new furnaces. It varies by mill, but fall is usually a good time for them to take capacity out of the market, especially if they don’t like the pricing.
Brett:
The economy still feels like it’s hanging by a thread, and there’s no clear momentum in either direction. It’s a soft market, and even when you think it’s going to be soft, it surprises you.
Nick:
Exactly, it’s about picking your spots and finding opportunities. So, do we get to $4.50 copper in October?
Brett:
That’s the big question! If I had to bet, I’d say no.
Nick:
I’ll take the yes, but only if it happens in October, not before.
Brett:
Alright, we’ll do $100 like the old days. Given how my football betting’s been going, you’ll probably win!
Nick:
Yeah, man, I haven’t even bet on football yet this year. My wife has a fantasy team, and I don’t! I’ve just been too busy.
Brett:
Fantasy football is too time-consuming for me. I’ve been sticking to betting on five games a week, but it’s been a struggle. Now we’ve got a copper bet going too.
Nick:
We’d love to hear from everyone listening. What do you guys think? Will copper hit $4.50 or not? Let us know why!
Brett:
Alright, everyone, have a great week. We’ll be back next week, trying to figure out the direction for ferrous metals. And by then, we’ll be in October!
Nick:
Yeah, October next week. Have a great day, everyone!