Make Earth Day Everyday!

Copper’s Price Drops, But Low Warehouse Stocks Point to a Promising Future- 6/23/23

Date

Copper’s price has dropped 1.7% on the day and is currently at $3.82 on the London Metal Exchange.

Despite this drop in price today, we did get some information that could be a positive sign for coppers future.

Recent reports show that available copper in LME-approved warehouses in London has reached its lowest level since October 2021, which has caused supply concerns.

Data from LME shows that 62.5% of total copper stocks in LME warehouses, or 50,275 metric tons, have been set aside for delivery in the coming weeks.

and as we pointed out in a previous video, copper inventories tend to be more reliable in the LME rather than other metals like nickel and aluminum, which they had trouble keeping track of in the past. 

This type of large delivery again has raised concerns about the overall supplies of copper in the LME market, which will most likely end up affecting its price in a positive way. 

MORE ARTICLES

Acceptable Materials

Appliances including:
  • Stoves
  • Microwaves
  • Washers and Dryers
  • Dishwashers
  • FOR A $10 FEE—Air Conditioners

End of Life Items Including:
  • Machinery (all fluids,pans and cylinders removed)
  • Farm Equipment
  • Farm Machinery
  • Lawnmowers
  • Cast Iron Patio Furniture
  • Cast Iron Outdoor Railing
  • Sheet Metal
  • Steel Wheels
  • Steel

Nonferrous Scrap:
  • Aluminum
  • Aluminum Cans
  • Aluminum Pots and Pans
  • Aluminum Siding/Gutters/Downspouts
  • Aluminum Patio Furniture
  • Aluminum Wheels
  • Aluminum Wire
  • Auto Batteries
  • Brass Fixtures/Lamps Decorative items
  • Cable, Fence and Wire
  • Christmas Lights
  • Copper
  • Copper and Brass Plumbing Pipes
  • Copper and Brass Plumbing Valves and Connectors
  • Copper Tubing
  • Copper Wire
  • Electric Motors
  • Insulated Wire
  • Radiators
  • Screen Doors/Windows (glass removed)
  • Stainless Steel

Prohibited Materials

  • Acetylene Cylinders
  • Asbestos or Asbestos Containing Materials (ACM)- applies to both fibrous and solid materials
  • Any Scrap Containing Refrigerants (CFC or HCFC) (Freezers, Refrigerators)  Air Conditioners are accepted for a $10 fee
  • Cathode Ray Tubes (CRT/tube-style computer monitors or televisions)
  • Closed Compressed Gas Cylinders – high pressure cylinders with valve intact
  • Combustible or Flammable Materials – fuels, paints, degreasers, unpunctured aerosol cans
  • Corrosive Materials – highly acidic or caustic materials (battery acid, caustic soda, etc.)
  • Explosive Materials, Munitions, Shell Casings – includes suspect military scrap
  • Free Flowing Liquids (including water)
  • Hazardous Waste – toxic or poisonous materials or wastes
  • Infectious Materials – blood-soaked or biohazard items
  • Liquids or Scrap Containing Free Flowing Liquids – fuels, antifreeze, oils, hydraulic fluid, paints
  • Mercury Containing Materials – mercury-containing thermostats, switches or fluorescent light bulbs
  • Non-Metallic Items – concrete, wood, asphalt, dirt, debris, tires (more than 5 per auto)
  • PCB-Containing Materials
  • Whole tanks uncut
  • Radioactive Scrap – anything exhibiting radiation levels above background
  • Scrap with Small Capacitors that contain 50 ppm of PCBs