by Recyclersteve » Mon Aug 12, 2019 12:28 am
That is a loaded question. It depends on how you look at things and the timetables you are using.
Let's start with copper. Copper is currently $2.59/lb. (per KitcoMetals). If you look at a chart going back about 2 1/2 years and about 4 1/2 years ago, it was basically at this same level. Yet over the last 5 years it has traded from roughly $1.98 to $3.25/lb. Another way you could look at it is that right now it is close to the midpoint between the 5 year high and low.
Aluminum over the past 5 years has traded from roughly 66 cents/lb. to $1.15/lb. Right now it is 80 cents, quite a bit closer to the low than the high.
The whole Chinese tariff situation is affecting metals prices and, frankly, it will be surprising to me if this gets resolved before next year's election. Without getting too involved in politics, it seems from what I hear/read that Chinese President Xi Jinping would like to see Trump lose, perhaps because he thinks he will do a better job negotiating with a Democrat. If that is the case, expect base metals (for the most part) to avoid meaningful moves up until this complicated situation gets resolved.
A possible exception in the base metal area is nickel, which is acting much better than many others (especially zinc).
If, instead of scrap items containing base metals, you said you were rounding up silver or gold to sell, I'd be more inclined to say you might want to hold off- as both of those items have acted a lot better recently.
Good luck with whatever you do. I wonder what others thing about base metals pricing...
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.