Many of you are paying attention and have seen copper prices rise nicely throughout August, but over the past few days, over scrap metal prices $0.16 has been erased. If you’re not ready to sell metals, you may want to wait a few weeks as we start to see more stability in the markets to allow September to kick in and many regular training sessions to continue. But what we saw last Friday was a comment at Jackson Hole (Fed’s meeting) that had a ripple effect on the markets and then the commodity markets.
As inflation continues, we’ve heard it has to continue, and that’s one of the main reasons why we’re seeing a decline not only in the stock market, but also in the Metals markets, where we started losing nearly 2,000 points in three days. to see the instability because if there is slower growth that means there will be a slower demand for metals.
Where Are the Aluminum Scrap Markets?
Aluminum markets continue to stay at the same pace, albeit slightly, for the last few days. Again, this continues with the sales we saw at the end of summer and last week, but we expect to see increases. If you want to make more money from your aluminum, you should first start by asking your junkyard if there are different classifications and watch some of the other videos we talk about the different types of aluminum and how to classify and classify it. separate them.
How Are Scrap Brass and Copper Prices?
We will combine the brass and copper categories as they are close to each other. Well, brass is still a product we recommend to sell, you should know that it is mainly made of copper and the copper market is a bit down; You can see a small drop of $0.05 per pound since last week. We think it’s always wise to keep selling the material, so by trucking the material out of your garage warehouses, you’ll definitely keep the money flowing, and rice is a good place to do that.
Falling copper prices don’t worry us in the big picture, but only in the week-to-week picture. We think the long-term price of copper will continue to rise as more electrically powered and clean energy projects need more red scrap Metal Prices to kick in and consume.
Scrap Steel Prices Increase
Steel markets have shown good gains over the past few weeks, but we may start to see a slightly weakening market as we enter September. We have seen a price differential of $15 per tonne, but we are starting to see oil prices continue to decline and stabilize at lower levels than a few months ago, which could cause steel prices to go on holiday. Season because there has been some slowdown in the last few months. This may give positive signs for the steel market towards the end of the year and we may start to see a steady increase there.
Energy Column – Oil and Gas Prices
We’re hearing some rumblings of potential low-pressure systems coming from the African coast just in time to jeopardize some people’s Labor Day plans. But the main focus is on how powerful these systems will be and where they can hit. Time will show us. In refinery news, bp was forced to close one of its refineries in Indiana last week due to the massive fire at the facility.
But these news did little to reverse petrol and diesel prices upwards. Another catalyst we haven’t mentioned in the past is our dear friends at OPEC+. Saudi Arabia, the largest producer in the organization, has the potential to give crude oil prices some respite after recession fears drag prices down, citing the potential for production cuts. As you can understand, where gasoline and diesel prices go from here depends on a variety of factors that are speculative in nature. Let’s enjoy the continued downward pressure on prices while we can!