With metal prices continuing to remain firm on a world stage, it isn’t all smooth sailing for scrap metal recycling businesses. Locally a large scrap metal business is under administration with 2 others having reported losses in what remains a very competitive market both locally and internationally.
With most of the media focus on the upcoming federal election, many businesses seem to be waiting to see the direction that the country takes after Saturday 7th September.
**** With London Out, Copper Turns Lower ****
By Matt Day @ wsj.com
In the absence of support from overseas markets, US traders were happy to sell into this morning’s copper rally. Futures took a dive as US equities opened, turning a 0.6% gain into a loss of more than 1% in the space of half an hour. With traders in London’s metal hub away for a bank holiday (and global benchmark London Metal Exchange closed), readings on the health of demand globally were hard to come by. That and weak US durable goods data pushed traders to sell futures that had been creeping toward a near-three-month high.