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Copper Scrap Price Forecast: US & Canada (June-02-21)

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by - 5/31/2022 978 Views

Copper Scrap Prices in the United States have risen on increased demand in China.

By analyzing the correlation between Copper prices and Copper Scrap prices, using Linear Regression & Granger’s Causality research models, our RIM research team forecasted Copper Scrap prices in the United States and Canada for June 2, 2022.

Copper Scrap price forecasting probably benefits the scrap-related industry by better understanding the fluctuations in Copper Scrap prices induced by supply and demand factors. Meanwhile, understanding Copper Scrap price forecasting guides Copper Scrap traders and recyclers in determining the correct pricing to buy or sell Copper Scraps for the highest possible price.

Copper Scrap Prices Forecast for June 2, 22 in the US & Canada

Copper Scrap Predicted Price
Copper #1 (US) $ 3.77
Copper #2 (US) $ 3.32
Brass (US) $ 2.04
Hard Brass (Canada) $ 3.77
Copper #1 (Canada) $ 4.94
Copper #2 (Canada) $ 4.65
Copper #3 (Canada) $ 4.58
Copper Radiators (Canada) $ 2.87
Sheet Copper (US) $ 3.00

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Forecast: US & Canada (June-02-21)

Copper prices on Tuesday hit one-month highs of $4.34 per pound (May-31-22) in the CME futures. Copper prices have rebounded recently after reaching eight-month lows due to slowing activity in China, where coronavirus lockdowns have again hit activity.

Another reason for the hike in Copper prices is declining stocks in LME registered warehouses for metals such as Copper, Tin, and Zinc, which are expected to remain bearish for the market for the long term. “Inventories of most metals have declined, which has raised the risk of extreme volatility,” said Bank of America analyst Michael Widmer. “This is visible in zinc at present.”

Overall stocks in LME warehouses have fallen to less than 900,000 tonnes, down from more than two million tonnes in January 2021. “Previously, low stocks in LME registered warehouses were not a concern because of high off-exchange inventories. But this time, those stocks to are scarce”, analysts say.

So, until inventories replenish, there will be a scarcity of Copper Base Metal in the coming months, so we can anticipate a massive price increase due to low inventories, which has previously pushed up Copper prices to new highs of $4.94 in March 7, 2022.

As of today, Copper Scrap prices in the United States are now trading at,

Copper No.1 Scrap Prices (US): 3.75 USD/Lbs

Copper No.2 Scrap Prices (US): 3.30 USD/Lbs

Sheet Copper Scrap Prices (US): 3.00 USD/Lbs

Brass Scrap Prices (US): 2.10 USD/Lbs

Today’s Copper Scrap Prices in the Canada are

No.1 Copper Scrap Prices (Canada)4.73 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 4.40 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 4.35 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.77 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.75 CAD/Lbs

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Tags : Copper, Copper Prices, Copper Scrap, Copper Scrap Prices, Copper Scrap Price Forecast US & Canada, Copper Scrap Price Predictions US And Canada

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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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