Since you are spending your own precious time out on the road, looking for metal to pick up, you naturally want to get the best return possible on your time investment. One way to ensure you are getting the most back is to watch the scrap prices in New Jersey. Don’t sell on a day when the market has sunk to a low level because you will get less than what you deserve. But how can you tell what the prices are and what a good price is to begin with? The answer is to do a bit of research in to the metals market ahead of time.
Determining Scrap Prices
Scrap prices in New Jersey are based on a lot of factors. The biggest factor is probably the supply and demand market. Is the metal you want to sell in high demand by an industry, yet in short supply on the shelves at the store and warehouses? Those metals will get the best price because people are willing to pay more in order to have it. Gold and copper are two examples where the demand is very high right now but the supply is low and without prospects to grow much.
Another factor that determines the price of metals to recycle includes the stock market. Depending on the metal and what industry it is used for, a great stock day might make for the metal price to increase. An example would be if one of the car manufacturers has an excellent day and their stocks go up, it shows investors that more cars will be built to meet the demands of car buyers. It also tells metal yards that there will be a need for the components to make up the cars that will be built and that those metal prices can stay the same or go higher.
When to Sell
The best time to sell is obviously when the scrap prices in New Jersey are high. Get a 30 or a 90 day report and see what the trend is for metals and what the projected future will be of the particular kind of metal you want to sell. Does it look like the metal will lose value over the next few months? Sell it before it goes any lower and you can get the most back for it. Does it look like the metal prices are climbing and will continue to climb, like what gold has done? Sit on the metal if you can and see if the price goes up more or take advantage of what the great price is now and make a tidy sum on the time you spent out and about collecting it.