Posted on 05/07/2021 11:11:51 AM PDT by george76
Copper for delivery in July was up 1.71% by 1:42 pm (EDT), with futures at $4.6015 per pound ($10,123 a tonne) on the Comex market in New York, over the $4.58 per pound high reached in February 2011.
The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 also on Thursday.
Copper has gained 28.1% since the end of last year and is up 114.9% from its 2020 low, hit in March of that year amid the global economic fallout as countries locked down their populations
...
Copper could spike to $13,000 a tonne in coming months
(Excerpt) Read more at oilprice.com ...
For years, the price of 1,000 board feet of lumber has generally traded in the $200 to $400 range. It’s now well above $1,000. (One board foot is 12x12x1 inches, and the average new single-family home takes about 16,000 board feet of lumber to construct.)
A new house that would have cost $10,000 in wood to get off the ground a couple of years ago now costs $40,000 worth of wood — assuming, that is, you can even get your hands on the lumber.
https://www.vox.com/22410713/lumber-prices-shortage
Here come the copper thieves!
Scrap Copper hasn’t come up much though. That is where it needs to come up.
Since China uses over half of the world’s copper, ask them!
See #5. And not everyone who deals in scrap metals is a thief... 9 out of 10 who deal in scrap are legal. Please don’t stereotype.
Went to buy some romex to add an outlet 15 foot 14 / 2 was 23 bucks home chepo
Easy karen
I’ve been trying to get 100 ft. of fence put up between my neighbor and me, but sourcing lumber has been a yeoman’s task. Even vinyl is cheaper but suffering from the same availability issues.
Better watch all the abandoned houses as the scrappers will be at work stealing everything they can cut out.
For now. That stuff was likely stocked months ago. When I was an electrician, our shop used to time the market (early 2000s) to buy in bulk and asked us to retain pieces longer than 12 inches.
Now if Someone had not mined out all the copper in Michigan’s Upper Peninsula we’d all be rich now.
Today copper ore is about 3-4% copper. The mined out UP copper ore, all 250,000 tons (est.), was 99% pure.
Abandoned houses? Where? Here in Florida, permits are outstripping materials. Waiting lists for new construction are approaching 12 months just to break ground.
I’m an electrician. In Illinois I got 3.25 a pound yesterday for scrapped wire from an old warehouse I’m working on. It’s gone up bigtime.
Scrap lumber might be a thing.
Hey... If there will ever be just one Pro for Biden’s new economy it will be the better price of scrap. When the economy tanks scrap goes up.
Just like stocks, I’m sitting on at least 7 big rigs of legal scrap waiting for the price to come up again. It is money in the bank for me when when the economy gets bad.
There are going to be a whole lot of folks who wished they had looked ahead and got ready like I am. So please take your derogatory comments that lack any foreknowledge elsewhere...
It’s all prices across the board. Went to walmart today and wanted to buy a pair of wrangler jeans. Last year, $11.88, this year $17.87. I didn’t bother getting them. I did get some socks. 12 pack of Dickie, the only socks at walmart made with some cotton, $17 which is about double last year. The rest of their socks are basically plastic.
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After shopping inside, I went to get some potting soil and entered through the fenced area. No more cashier in the fenced area like they used to have but they did have two girls sitting under a canopy to give out masks. They were basically doing nothing since most people don’t wear them and the few that do, bring their own. They also have someone standing in the front entrance all day with masks, who also pretty much does nothing all day.
Meanwhile, only a few cashiers inside and half the self checkout registers weren’t working so there was a line for that too.
Man, you wonder how far this can go. This is in the nature of commodities. Remember $140 oil? Remember -$41 oil?
LOLOL
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