- Copper prices are up as we start off the week here at our scrapyard!
- We are seeing it almost at $4 again sitting right around $3.95, which is up around 1.8% on the day
- Global copper smelting activity fell to the lowest level in two years in April due to maintenance. shutdowns in China and slower operations in North America.
- This decline in global smelting activity is a big reason why we have seen copper price make this turnaround today, and this activity is expected to remain low due to more planned shutdowns coming.
- In nickel, global smelting activity also decreased in April, and the Chinese nickel pig iron index reached its lowest level since February 2022.
- So this is a positive sign for stainless steel as well because of nickel being a main component in its chemistry.
- We will keep you updated on all of this metal news as we get more information!
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