Why Are Copper Prices Rising?
Scrap prices constantly fluctuate for a variety of reasons. They can greatly impact how much money you can expect selling metals to scrap yards. Most scrap metal yards do their best to have the most competitive prices in the area. That is why it is important to understand how and why prices fluctuate. Simply put prices for metal increase or decrease depending on the demand for that metal. When more projects in your area require certain metals, or when getting metal components from overseas becomes too expensive, it isn’t rare to a jump in material costs. We are currently seeing an increase in copper prices we have not seen since 2011. This is due in part to the increased demand and decreased supply caused by the pandemic.
How The Pandemic Impacted Metal Prices
Since February 2021, prices of copper have raised nationally. There are two leading theories on why this has happened. First, the economic stimulus bills that were passed at the end of 2020 have increased the demand for metal. Both small businesses and individuals now have the economic resources to tackle construction projects that may require the use of specific metals. Additionally there is a pent up demand and an issue with material shortages. During the pandemic many workers were not able to work at their jobs, and many projects were paused or abandoned because of concerns caused by the pandemic. With the end of the pandemic in sight, thousands of businesses of all sizes are now looking to unpause projects and take new opportunities leading to a high demand. Alternatively the pandemic also decreased the production of building materials, so now there is an increase in demand and decrease in materials leading to this increase in cost.
What Do Increases in Copper Prices Mean For Scrap Yards
With metal prices constantly in flux, the increase in prices for copper means that scrap yards have received extra pressure to buy and recycle existing copper. This means, right now is a great time to sell and scrap metal that you currently have. Prices for recycled metal will not stay above average for long, so if you are sitting on any metal now is the best time to bring it in to a local yard.
Get The Most For Your Scrap Metal
If you are looking to sell and recycle your scrap metal in the Greater Boston area, come to Second Street Iron & Metal in Everett Massachusetts. We offer hig
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