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Copper SUDDENLY Drops Almost 40%

footlongfootlong Member Posts: 8,009
edited December 2014 in General Discussion
http://www.kitcometals.com/charts/copper_historical_large.html#30days

Look at the graph. What could have caused such a sudden drop[?]

to UNDER $2 a pound...l cannot believe it... This means Ammo,Brass,Bullets will be cheaper too...

[^]

l noticed it when l was over on the ''cast boolit'' forum.

Comments

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    wpagewpage Member Posts: 10,204 ✭✭✭
    edited November -1
    Silver and gold are down now as well...

    A good time to buy metals![:)]
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    Sam06Sam06 Member Posts: 21,254 ✭✭✭✭
    edited November -1
    That is in a 24hr time period. It started under 1.92 and finished 24hrs later right at 1.92.

    t24_cp450x275.gif
    RLTW

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    SperrySperry Member Posts: 5,006 ✭✭✭
    edited November -1
    The Wall Street Conglomeration New World Order have been stockpiling commodities for a few years. Didn't we hear something about the recent courts ruling that banks could not stockpile metals because of their monopolizing effect on prices?
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    USN_AirdaleUSN_Airdale Member Posts: 2,987
    edited November -1
    i doubt the price of bullets and brass or even fully loaded ammo will see any advantage in this metal price reduction, maybe i'll buy some of those solid silver 5.56mm rounds.
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    babunbabun Member Posts: 11,054 ✭✭✭
    edited November -1
    The US 's use of metals is pretty constant and almost stagnant.
    The prices are set by more and more foreign countries use. About 6 years ago, China went into a growth spurt {and still is}, they bought every piece of copper out there.
    I was getting $3.50 a lb for scrape 500mcm copper wire.[:0]
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    footlongfootlong Member Posts: 8,009
    edited November -1
    http://www.kitcometals.com/charts/copper_historical_large.html#30days


    Sam06---Look at this chart.. Few days ago it was $2.88..Now its $1.94..


    WHY did it drop so Quickly[?][?]
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    kannoneerkannoneer Member Posts: 3,370 ✭✭✭✭
    edited November -1
    Hmmmmmm.......Somebody is spreading misinformation. I see copper at $2.84 at yesterday;s close. Some of us watch these things. Copper has been in a slow decline from a high of over $4 in 2010 when I started paying attention.
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    babunbabun Member Posts: 11,054 ✭✭✭
    edited November -1
    quote:Originally posted by kannoneer
    Hmmmmmm.......Somebody is spreading misinformation. I see copper at $2.84 at yesterday;s close. Some of us watch these things. Copper has been in a slow decline from a high of over $4 in 2010 when I started paying attention.


    +1000

    Copper #1 scrape is $2.90 a lb. So I can buy copper ingots at $1.95 and sell it as junk for $1.00 per lb profit???
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    skicatskicat Member Posts: 14,431
    edited November -1
    I just called one of the local scrappers in MPLS and #1 copper is $2.43/lb, yellow brass is in the $1.70's and red brass in the $1.90's. Those are the prices for under 500 lbs.
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    LesWVaLesWVa Member Posts: 10,490 ✭✭
    edited November -1
    2009.. And we are still dying their to protect the Chinese..

    ==

    JALREZ VALLEY, Afghanistan - In this Taliban stronghold in the mountains south of Kabul, the U.S. Army is providing the security that will enable China to exploit one of the world's largest unexploited deposits of copper, earn tens of billions of dollars and feed its voracious appetite for raw materials.

    U.S. troops set up bases last month along a dirt track that a Chinese firm is paving as part of a $3 billion project to gain access to the Aynak copper reserves. Some troops made camp outside a compound built for the Chinese road crews, who are about to return from winter break. U.S. forces also have expanded their presence in neighboring Logar province, where the Aynak deposit is....
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    SwanKongSwanKong Member Posts: 989 ✭✭✭✭
    edited November -1
    I'd like to see 16 ounce cold roll copper come down to $50 a sheet again, pffft!!!
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    Mr. PerfectMr. Perfect Member, Moderator Posts: 66,372 ******
    edited November -1
    quote:Originally posted by wpage
    Silver and gold are down now as well...

    A good time to buy metals![:)]
    The overall trend is down for sure. Not sure the bottom has been hit yet, but yeah. Good time to be buying or looking at buying.
    Some will die in hot pursuit
    And fiery auto crashes
    Some will die in hot pursuit
    While sifting through my ashes
    Some will fall in love with life
    And drink it from a fountain
    That is pouring like an avalanche
    Coming down the mountain
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    JnRockwallJnRockwall Member Posts: 16,350 ✭✭✭
    edited November -1
    too bad not reflected in the 1oz bar price.
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    allen griggsallen griggs Member Posts: 35,293 ✭✭✭✭
    edited November -1
    Too bad for me. I bought five of these a year ago:



    IMG_0211_zpsd634abc2.jpg
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    KnifecollectorKnifecollector Member Posts: 3,270 ✭✭✭
    edited November -1
    Land is not as good an investment as it once was, at least not in my area. High property taxes and capital gains taxes eat away at the profit.
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    JnRockwallJnRockwall Member Posts: 16,350 ✭✭✭
    edited November -1
    Where did you get that bar at?
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    dreherdreher Member Posts: 8,809 ✭✭✭✭
    edited November -1
    LesWVa, I just had a fun thought!! If the Chinese are in Afganistan to mine copper, just exactly how are they going to handle the Taliban?? Several scenarios came to me of which had me chuckling!!

    I'll bet if the Taliban do some public beheadings of some Chinese that it might be a good thing. The Chinese don't worry about little things like the Geneva Convention. In very little time there may not be any Taliban!![:D]
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    wpagewpage Member Posts: 10,204 ✭✭✭
    edited November -1
    Agree with knifecollector the tax man has made land investment a poor choice around my neck of the woods.

    Between high cost of public schools and law enforcement in NJ property tax is brutal.
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    Rack OpsRack Ops Member Posts: 18,597 ✭✭✭
    edited November -1
    quote:Originally posted by JnRockwall
    Where did you get that bar at?


    go over to "the bay" and search for "copper bar"
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    LesWVaLesWVa Member Posts: 10,490 ✭✭
    edited November -1
    quote:Originally posted by dreher
    LesWVa, I just had a fun thought!! If the Chinese are in Afganistan to mine copper, just exactly how are they going to handle the Taliban?? Several scenarios came to me of which had me chuckling!!

    I'll bet if the Taliban do some public beheadings of some Chinese that it might be a good thing. The Chinese don't worry about little things like the Geneva Convention. In very little time there may not be any Taliban!![:D]


    OUR MILITARY has been providing the security for the Chinese. I have yet to see or even hear of a single Chinese even getting shot at.

    Caterpillar built a new factory in China so they could sell equipment to the Chinese.. And while all of this was going down. No mining company in the US was even allowed to bid on mining the copper and other minerals such as Lithium.

    The "war on terrorism" is just a government scam and has been for years on the American people to justify us being there.
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    allen griggsallen griggs Member Posts: 35,293 ✭✭✭✭
    edited November -1
    I don't remember where I bought those copper bars, got them online. These guys sell them:


    http://www.providentmetals.com/elemental-cu-one-pound-copper-bar.html


    Any way, I just bought them because I wanted some Krugerrands but they were too expensive. I like to have the copper, they are heavy, a semi precious metal.
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    CaptFunCaptFun Member Posts: 16,678 ✭✭✭
    edited November -1
    quote:Originally posted by Flying Clay Disk
    Well, recently there was a landmark ruling on a giant copper mine somewhere in the SW (Texas/Arizona maybe?) with reserves which are said to be able to fill some large % of US demand for the foreseeable future.



    Rio Tinto's Resolution Copper Mine project in eastern Arizona.
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    diver-rigdiver-rig Member Posts: 6,342 ✭✭✭✭
    edited November -1
    I'm a low voltage electrician by trade. I take in a lot of scrap communication wire, from demoing out old wiring, to the scrap pieces of what we just installed.

    The man running the scales at the scrap yard has always said, "the price of scrap always follows the price of gasoline at the pumps."

    Gas goes up, scrap metal goes up. Gas drops drastically like it has in the past month, scrap metal goes down.

    Been doing this for 20 yrs and believe it is fairly accurate.


    Now is the time to stockpile your scrap out in the barn, and wait for gas to come back up, you know it will.
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    guns-n-painthorsesguns-n-painthorses Member Posts: 6,463 ✭✭✭
    edited November -1
    I'm glad I unloaded the 3000+ pounds of Cat 5 and misc. computer cabling we had here. I just skipped over to Kitco and seen copper still trading in the $2.80+ range. I think that drop was an error.
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    footlongfootlong Member Posts: 8,009
    edited November -1
    Barzilla---You are THE man,,l guess an old pharte can still learn a few things new.. l have been a caster for years and follow metals quite closely.l had never seen a metal drop like that before... l thought my stash of copper and bullet jackets had suddenly become quite worthless
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    kannoneerkannoneer Member Posts: 3,370 ✭✭✭✭
    edited November -1
    Wow, Dennis! About a buck an acre for property tax. Here in the midwest (Iowa) it would run twenty to thirty times that. We have 320 acres; prop. tax runs over seven grand per year. Maybe land values aren't comparable. Around here they have been running 7500 to 10,000 bucks per acre. Anyway, sounds like you have a good deal there.
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    jltrentjltrent Member Posts: 9,224 ✭✭✭✭
    edited November -1
    Maybe this will stop the stealing of copper around here.
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