Copper is Flying Today!

[Recyclersteve]

Per Kitcometals.com, copper is currently $2.81, up a whopping 3.42%. This appears to be the first time above $2.80 since around April, 2015. I wonder how long before scrapping prices are raised. What is everyone hearing in terms of catalysts for the big move? I'm seeing nothing in the news on kitcometals.com.

[smackvay]

To the moon baby I have a pile(huge)

[Robarons]

Freeport Mcmoran took huge swing up as well for any folks in copper miner Stocks

[highroller4321]

Per Kitcometals.com, copper is currently $2.81, up a whopping 3.42%. This appears to be the first time above $2.80 since around April, 2015. I wonder how long before scrapping prices are raised. What is everyone hearing in terms of catalysts for the big move? I'm seeing nothing in the news on kitcometals.com.

They are been a lot of production/mining delays that has really hurt the output of copper. This and seemily increased demand in copper has the "experts" predicting a "shortage" of copper by middle of next year.

[Recyclersteve]

It is hard to imagine any true shortage of copper in the next few years. I'd like to see what one of the so-called experts says when they factor in all the new upcoming supply. An example is the gigantic mine in the Globe/Superior area of Arizona which is currently in the permitting stage- I know that permitting can last for years.

The mine's site is at resolutioncopper.com. It is a partnership between BHP Billiton and Rio Tinto.

The website says Arizona supplies about 68% of all the copper mined in the U.S. And that this mine all by itself is envisioned to supply 25% of all the copper used in the country when fully operational.

[highroller4321]

Interesting article!


https://www.reuters.com/article/us-chin ... SKBN1AB0T6

[johnbrickner]

Interesting article!


https://www.reuters.com/article/us-chin ... SKBN1AB0T6

Makes me wonder who will pickup the slack in the refining and subsequent pollution?

[everything]

India is planning 400 new coal power plants, they need copper too, someone else will take the scrap. Asian economies are flying, extreme growth to bring the classes up. The cycle of investment must be doing well, caterpillar shares are at a 5 year high.

http://www.barrons.com/articles/copper- ... 1501749868

[Recyclersteve]

Copper got at high at $2.97 so far today per http://www.kitcometals.com.

[johnbrickner]

Why I still stack Cu.

[bankmining]

Zinc also flying. Zinc pennies now at 80% melt to face value according to Coinflation.

[Recyclersteve]

Also nickel is back over $5 a pound for the first time in a while...and still only a small fraction of its all-time high.

[realhumancopper]

Will any of us live long enough to be able to sell their coppers, legally, for melt?................................b

[Recyclersteve]

As we've almost certainly got people on here in their teens and twenties, I'm quite confident in saying that someone here will be able to sell for melt before they pass. I think that is a fairly safe statement. My over/under on when the world is going to end is out a ways...

[hobo finds]

Well what will happen copper up to $3 or Aluminum up to $1? Copper at $2.9667 Alum at $.9604 as I post this. I say Alum to a buck will happen first!

[johnbrickner]

Will any of us live long enough to be able to sell their coppers, legally, for melt?................................b

Good question. But, should things continue as they are I see copper as the poor man's silver. Just like silver is the poor man's gold now. Or in other words, junk (95%) copper coins will trade like junk (90%) silver coins of today. In my lifetime? Maybe, maybe not. In my kid's lifetime . . . likely.

[Recyclersteve]

Well what will happen copper up to $3 or Aluminum up to $1? Copper at $2.9667 Alum at $.9604 as I post this. I say Alum to a buck will happen first!

I'm guessing copper to $3 will happen first- it was already slightly above $2.99 so it doesn't need to do that much on a percentage basis. For aluminum to go from $.9604 to $1 is a full 4.1% move. That same percentage move in copper (from the price mentioned above) would take it to $3.08. Therefore, I'm betting on copper.

[hobo finds]

Copper jumped up $.06 cents to $3.02 as I post this!

[TXSTARFIRE]

Copper cent now worth 2.02 cents.

[hobo finds]

Got as high as $3.0423

[Recyclersteve]

That was fast! If anyone could honestly say their net worth went up sharply today because of copper (assuming they didn't have call options or futures or a heavy bet on copper miners) I would think at least one of these things happened:

1. They have a very low net worth (like under a thousand dollars) so for it to be up sharply is no big deal;
2. They are an extreme hoarder of copper and it must take up a lot of space (think Kyle Bass and his million dollars face in nickels- maybe Adam Youngs would be in this category);
3. They are lying.

[hobo finds]

Was at $3.09 for awhile today!

[smackvay]

I sold 2900 pounds of number 1 for $2.58 a pound last Saturday

Sold some other stuff at the highest price I have seen in almost 3 years

[johnbrickner]

That was fast! If anyone could honestly say their net worth went up sharply today because of copper (assuming they didn't have call options or futures or a heavy bet on copper miners) I would think at least one of these things happened:

1. They have a very low net worth (like under a thousand dollars) so for it to be up sharply is no big deal;
2. They are an extreme hoarder of copper and it must take up a lot of space (think Kyle Bass and his million dollars face in nickels- maybe Adam Youngs would be in this category);
3. They are lying.

All true and no debate. However, what will it look like 20 years from now?

I'm guessing a literal tons of copper has been stripped and scrapped from abandoned part of Detroit, New Orleans, and can I add swampy Huston to be next on the list? More cities and subsequent relocations/exodus will follow. Scrapping appears to be a growing and noble profession. Simply put America just doesn't have the money to rebuild the infrastructure of these cities all over. It's more profitable to scrap the parts left by the wayside. Not to mention the infrastructure that needs repaired on a national basis that is being left by the wayside also.

I can see the slow decline causing a slow contraction against an inflation bent policy keeping copper prices more or less constant and possibly less wildly fluctuating prices. But, amongst the continued and long-term economic decline (and continued devaluation of the dollar, loss of petro dollar status, etc.) should it's value as a semi-hard form of currency be ignored?

I wonder . . . perhaps to much?

[Recyclersteve]

Why is it that copper that is contaminated with sewer water, chemicals and other pollutants from Houston will be just fine for recycling, but if I find a penny that has been sitting in a fountain, I might not even be able to read the date?!? It doesn't seem fair...

Oh well, here I am venting about copper- the people of Texas and Louisiana have much more serious issues at this time.