Copper Prices along with other metals have been free falling, since a jump in prices earlier in the year
We were seeing copper’s price at $4.08 around the middle of April, and since then, a little over a month later we are now seeing it dip into the $3.50s-$3.60s range.
Some reasons for this could include deteriorating demand in top copper consumer China, rising copper supply globally, and climbing inventories in LME warehouses
Additionally, we are seeing aluminum down now to almost below $1, for reference just last year around time we were seeing aluminum price above the $1.50 range.
HMS #1 Steel is also down $40 this month in our region and early indications are looking like it’s going to be another down month for the metal
Right now there is just not as much demand as there was in previous years, so with industrial production slowing down, so does the need for new steel products.
We do still have a positive outlook for the metal market future as we know demand will eventually pick up again after this down period.
Stay tuned for more updates on everything metal!