Podcast Transcription: Metal Monday Ep. 16 - 4.19.2021

Hosts, Nick Snyder and Brett Ekart, talk about their weekend shenanigans and the scrap market prices for the week of April 19, 2021.

Nick:

All right. Another Metal Monday with Brett. How are you doing, man?


Brett:

I'm good, bud. We just sitting here talking about our weekend and how it's a bitch getting old. And my back's tight from putting up the fence and my dog won't stop trying to escape.


Nick:

I did some yard work a few years ago and I have never got it... I think it's called tennis elbow, and it's on the inside.


Brett:

Oh yeah.


Nick:

I thought I had an infection in my arm, I went to the doctor. I'm like, "What's wrong with me?" And the doctor looked at me he's, "You're getting old." I'm like, "All right. All right, you got me." So like those aches and pains will pop up, but you know-


Brett:

It made me feel better this morning though when I got up and all the shit that I care the most about, as far as on the scrap end, was up, which is platinum, palladium, rhodium, copper. The only thing that was off was a little bit of nickel a little bit. It just kind of just been in a funk. Aluminum was up, lead... You name it. Everything's kind of been on it.


Nick:

And lately, Mondays have been kind of a bad day for the commodities, you know?


Brett:

Yeah, it feels like it.


Nick:

It feels like the Monday it would get its ass kicked and then the rest of the week had to recover.


Brett:

Yeah.


Nick:

So it was nice to see what momentum we get in the rest of the week. You just touched on nickel, that's the only one that's I mean, it was... Did it break $9? Did we get above $9 or close to $9?


Brett:

Close.


Nick:

We got close to $9. It felt like that thing was into kind of go on a little run and then it's back under $8.


Brett:

Yep.


Brett:

And I think the dollar weakened it up a little bit. I think that it's the base metals that are going to enjoy some love again here soon. It'll be interesting to see what the ferrous market does in May and June. We're obviously pretty optimistic about those months and maybe even a few months after that. About where that can go. So it's just things are kind of cruising along so far here in April.


Nick:

Yeah, I'm excited to see where iron goes especially I have a feeling that it's going to go on a big run. I think a lot of people have that feeling. It's nice to see copper hanging out there, doing good. And I think everything else will follow, we just have to see.


Brett:

The copper touched $4.27 this morning, and for us, we're selling into it. I mean, I firmly believe we're going to see $5 copper this year, and probably in the next six months, I still feel that way. I know we kind of dipped off back into like the $3.90s there for a little bit, but I mean, it's going to command a lot of attention here as if they want to electrify everything and this whole infrastructure bill that everybody's talking about. I mean, copper's going to play a big role in it. That and greasing every government agency that exists.


Nick:

Yeah.


Brett:

That's all another conversation.


Nick:

Different podcast.


Brett:

Well, that being said, I think it's setting up nicely still. I think we'll get to $5 copper, but I'm not waiting for it, I'm not holding the warehouse full of it. I'm making the shit go away on a daily basis. Some sales I feel really good about, some sales I feel like I was early, but I'd rather be early than late.


Nick:

You can't win them all. I mean, and if you're buying it at the current market and sell it at the current market, you're not going to always win, you know?


Nick:

Yeah. I mean, basically, I'm really optimistic and we'll see where things go.


Brett:

All right, man. Well, we're closing in on what 10, 11 days left of this month. And here comes May.


Nick:

We'll see if our predictions are going to be correct on ferrous, we'll see what happens.


Brett:

All right, take care.


Nick:

Thanks.


Brett:

Have a great day.

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