We are tracking metal prices here at our scrap yard using this simple method!
The dollar up means copper down.
For the past 3-5 days copper price has been decreasing.
We can see why as the USD index has been increasing to almost a high of 106.
When dollar strength rises, metal prices generally will go down.
Here you can see the jump from around 104 to the 106 range, and then the decrease in copper price the same day it went up.
Jerome Powell spoke and everyone now knows interest rates will be higher for longer which means the dollar will only get stronger.
We will be waiting for more updates on all of this as the March rate increase will be announced on March 22nd!
Don’t forget dollar up, copper down.