I just noticed copper up just shy of .20 today. That is a pretty big increased compared to the amount it goes up or down normally each day. The increase doesn't seem to have any correlation to silver or gold prices however. Any news on its jump today?
Very good job report contributed to the market going up quite a bit I think, not sure if that helped copper much or not, may have..... Added 165,000 jobs, unemployment rate down to 7.5% http://www.huffingtonpost.com/2013/05/03/april-jobs-report-unemployment-rate_n_3207647.html
I'm not aware of any news, but copper has been tanking pretty hard for a while. It was due for a bounce. Generally copper is the best metal indicator for economic growth.
I was going to mention the job report as a possible economic boon, but those numbers are useless. They don't take into account people who take part time or lower paying jobs, people who stopped looking for work, or people who are no longer eligible for unemployment benefits. The employment to population ratio is the real indicator. It might also be worth noting that copper became a paper traded metal on the COMEX recently. Its fundamentals, like gold and silver, are now diminished from a price action standpoint.
More jobs, more production of goods that require copper. Seems like simple logic even though I'm sure Chris owns a better explanation on the whole deal.
Additionally we have to create roughly 120,000 jobs per month just to keep up with population growth and new people entering the work force. Anything less than that is negative growth per capita.
As a silver collector I would prefer copper go down. Copper mines produce silver a a byproduct. Roughly only 1/3 of mines are primarily silver.
What percentage of spot do they pay you for it? Or how do they determine what they are going to pay you/what are they currently paying?
The scrap yard I go to usually pays spot price or just under, they have a fast turnaround especially on copper. When copper was up around $4 a couple of years ago they were paying above spot because the demand was just so high. They were also giving you the #1 bright price on insulated. Those were good times!
Wow that is pretty cool that they pay so well. I figured it would be like 70-80% of spot tops. Do they pay near spot for other metals like aluminum?
Yes, they pretty much do the same with aluminum but it is always just under spot. I have never seen it spot or higher. I'm an electrian we also use aluminum, we usually just toss it unless we have LOTS. The big scores come from large industral/commercial demo and service installs. When we work copper it's like getting a bounus check.
