What’s Been Happening With Copper Recently

Posted on by Scott Thompson
Feature image

Copper has been very volatile this week, even after sustained increases over the past few months. See our COMEX chart for historical data.

8/24/20 Update:  New List Price Sheet

Earlier this week, Copper was on a $.26 rise from $2.85 to $3.11, Monday through Wednesday. There was even talk of a new price sheet. From Thursday through Friday, a $.14 drop from a Wednesday high to a $2.97 close on Friday has proven how volatile the market can be.

The Current State of Copper

Copper has found itself to be subject to the same market volatility as PVC, which we recently described on this post.  Strong demand driven by reopenings across the country and the world (with China specifically fueling construction and other segments with unprecedented stimulus measures), which comes immediately after a period Covid-related stoppages in mines and tube mills, has left availability of both raw materials and milled products, like tube, very tight.  As mines and mills try to meet demand while observing social-distancing and other work safety policies, the only relief for surging prices has been large Covid-related interuptions, such as work stoppages due to coronavirus outbreaks which cool market demand.

The Future of Copper

Meanwhile, the availability and need for Copper in the future is boosting Copper now.  The outlook for future goods requiring the metal, like improved power infrastructure and electric vehicles, is strong.  But with few new mines on the horizon, raw material will continue to be limited.

How Merfish United Can Help

We help wholesalers manage their risk on volatile commodity pipe products, like Copper tube. We keep our stock high, in order to maintain product availability and short lead times. This allows you to buy what you need, when you need it, freeing up your cash flow and allowing you to turn inventory more quickly.  Plus, we deliver to you once or twice a week, on our own trucks with our own drivers.  You can rely on us in this volatile time.

On that note, Copper thefts are becoming more profitable with surging prices.  See this video report from Florida where bundles of tube and rolls of wire are being stolen from trucks and jobsites, with values of $5,000 to $100,000.  Protect your inventory by taking precautions like managing the amount of material on your floor with us.

Our Copper tube is never stored outside, it’s warehoused to protect it form the elements. We also ship it under a tarp or in Conestoga trailers for safe transportation.  Call your Merfish United representative for more information or to place orders now: 1-800-777-7473

[Most Recent Quotes from www.kitco.com]

More Info: