Current situation:
- The producer price index for copper tube and fittings was down 2.4% month-over-month (down 4.9% in the last update) and was down 4.5% year-over-year (down 6.3% Y/Y last month).
- Prices: 1 year ago: $2.80; 6 months ago: $2.94; 30 days ago: $2.61; 52-week high: $2.97; 52-week low: $2.53.
Key factors that could affect supply or price:
- Metal reached its highest level in two weeks amid optimism that at least a partial deal between the U.S. and China can be reached on the trade dispute. Over the past several weeks prices have drifted and will continue to do so until there is a definitive agreement. The market will respond to any good news in a very positive way. This 15-month dispute has slowed global growth and demand, so don't fault the traders for remaining cautious as "we've been down this road before." Bottom-line: If even a partial deal is reached look for pricing to move up quickly.
