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Copper Scrap Price Prediction - US [Oct-11-21]

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by - 10/9/2021 682 Views

In the CME Futures, Copper Prices on Friday (Oct-08-21) traded at $4.2495 per pound.

Copper Scrap Price prediction provides valuable insights to Copper Scrap producers, traders, exporters, importers and Copper recycling companies. Using Ordinary Least Square (OLS), Linear Regression and Granger's Causality research models, we have predicted the Copper Scrap prices for the 11th of October.

Our RIM research team have predicted the Copper Scrap prices of No.1 Copper Scrap - US (ISRI Code BARLEY), No.2 Copper Scrap - US (ISRI Code BIRCH), Hard Brass Scrap - US (ISRI Code EBONY), No.1 Copper Scrap - Canada, No.2 Copper Scrap - Canada (ISRI Code BIRCH), No.3 Copper Scrap - Canada, Copper Radiators Scrap (Canada), and Sheet Copper Scrap - US (ISRI Code DREAM).

Predicted Value of Copper Scrap Price from Copper Base Metal Price

Copper Scrap Price Prediction - US (Oct 11, 2021)

Graphical Representation of Copper Base Metal Price

Current-COMEX-Copper-Price-US

The COMEX (US Metal Exchange) - Copper prices on the 8th of October traded at $4.2495 per pound. Copper price increases on Friday as supply concerns resurfaced in Peru, the world’s second-biggest producer of industrial Copper metal after Chile.

Supply disruption in Peru and demand concerns in China are the major causes for the hike in Copper prices. Stocks of the Copper metal in Shanghai Futures Exchange warehouses were lowest since June 2009, and LME on-warrant inventories fell to 90,725 tonnes, down 27% in just a week.

The simultaneous disruption in two key sectors, such as the collapse of Chinese property developer Evergrande has ignited debt worries for the construction sector and a coal shortage that has cut power supplies to manufacturers mainly affects the demand of Copper from China.

The longer-term demand dynamics are great. But short-term cyclical demand is a worry,” said Colin Hamilton, MD at BMO Capital Markets. All these short-term disruptions for Copper’s demand will end up soon and, Chinese buyers will come back to the market to invest in Copper. So in the coming days, we can expect the Copper’s demand will push up the Copper prices.

As of Oct 8, 2021, Copper Scrap prices are

No.1 Copper Scrap Prices (US): 3.65 USD/lbs

No.2 Copper Scrap Prices (US): 3.13 USD/lbs

No.1 Copper Scrap Prices (Canada): 4.74 CAD/lbs

No.2 Copper Scrap Prices (Canada): 4.34 CAD/lbs

No.3 Copper Scrap Prices (Canada): 4.33 CAD/lbs

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Tags : Copper, Copper Scrap, Copper Scrap Price, Copper Scrap Price Predictions


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About Jenisha Rajakumar

I'M a Research Analyst and Content Creator at RIM. Currently I'm researching on Copper Prices around the Globe and the impacts on Copper Scrap Prices with regard to COMEX, LME, SHFE and MCX. .... more info

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