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Copper Hits Six-Year Low, but Stabilizing

Copper Prices
3/23/2015

The “experts” were nearly unanimous that scrap prices were going to rise in January. Apparently what convinced them was a slight rise in 2014’s scrap’s average annual price. Even a fourth quarter drop in prices didn’t scare them off of their predictions. So when the January boom turned to bust, it caught the experts and everybody depending on them as a shock.

The rest of 2015’s first quarter didn’t seem much better. We’ve seen drops in copper, brass and other non-ferrous prices, and the blame seems to be on lack of demand from oil exporting and processing countries hit by lower prices for oil. Copper prices have hit a six year low. Perhaps not so coincidentally, so has oil.

The steel market and other ferrous metals have also seen lower prices since fall.

So where’s the market heading now? Copper went up slightly in February, about 5-7 cents per pound, and another 3-4 cents per pound going into March before stabilizing. We’ll be watching closely to see if it continues to stabilize.

Steel, however, has continued to spiral downward in February and into March, and could stay lower throughout the year.

At Iron Mike’s, we study the trends in the metals and market. But no one can tell you with any certainty what the price of scrap metals will be next month. But we do tell you what the price of metals are today and every day in the scrap metal recycling and processing market.

By posting the current prices for metals from the world market on 877ironmike.com, you know you’re getting “the greatest value for your scrap metal, guaranteed.”

As for where metal prices are going – we’ll keep you posted.

Tags: copper prices

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