Aluminum Scrap Markets
July 30, 2024
Johnson: For those hoarding copper, this is why we hedge
Written by Spencer Johnson
It has been a wild ride for Doctor Copper this year, and we have now reached the point in the ride where the coaster drops into freefall and the stomachs of those keeping sizable amounts of copper scrap in inventory start to feel a bit uneasy.
Long gone are the days of $5/lb Comex (We reached a high settlement of $5.0570/lb on May 21 and touched intraday highs of over $5.10/lb back in May). And we may be rapidly approaching a $3/lb big figure with markets having shed over a half a dollar a pound this month already. As of this writing on July 24, September Comex copper is just $0.08 away from that $3/lb big figure, which means an over 25% retracement in price.
