By learning the correlation between Copper pricing and Copper Scrap prices, our RIM researchers have predicted the Copper Scrap prices in the US and Canada for June 13, 2022, with the help of Linear Regression and Granger’s Causality models.
Copper Scrap price forecasting would help Copper Scrap traders and investors better decide when to buy or sell Copper Scrap at significant profits.
Copper Scrap Prices Forecast for June 13, 2022, in the US & Canada
| Copper Scrap | Predicted Price |
| Copper #1 (US) | $ 3.74 |
| Copper #2 (US) | $ 3.29 |
| Brass (US) | $ 2.02 |
| Hard Brass (Canada) | $ 3.77 |
| Copper #1 (Canada) | $ 4.91 |
| Copper #2 (Canada) | $ 4.62 |
| Copper #3 (Canada) | $ 4.56 |
| Copper Radiators (Canada) | $ 2.85 |
| Sheet Copper (US) | $ 2.97 |
Graphical Representation of COMEX Copper Base Metal Price (US)
Copper Scrap prices and Copper Base Metal prices dropped as China renewed Covid lockdowns hitting a weak demand outlook.
Copper prices are currently under pressure and have fallen for the second consecutive day due to a stronger dollar index and a significant decline in economic activity.
Meanwhile, China's Shanghai commercial hub will take down millions of people in the coming days for mass Covid-19 testing due to emerging Covid cases in major cities. After approximately ten days, people resumed the normal operations after lifting its tough two-month lockdown.
"Copper is coming under several sorts of pressure. The lockdowns aren't ending as quickly as hoped, and China's zero-covid policy is damaging economic growth," said Nitesh Shah, commodity strategist at exchange-traded fund provider WisdomTree.
As China continues daily operations, demand for metals increased dramatically, pushing Copper prices to $4.54 per pound. However, muted demand and renewed lockdowns have currently caused Copper prices come down to $4.29 per pound.
On June 11, 2022, Copper prices in the CME futures are trading at $4.29 per pound, a 1.15 percent decrease from the previous closing price.
As of today, Copper Scrap prices in the United States are at,
Copper No.1 Scrap Prices (US): 3.75 USD/Lbs
Copper No.2 Scrap Prices (US): 3.25 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 Canada
No.1 Copper Scrap Prices (Canada): 4.76 CAD/Lbs
No.2 Copper Scrap Prices (Canada): 4.48 CAD/Lbs
No.3 Copper Scrap Prices (Canada): 4.40 CAD/Lbs
Hard Brass Scrap Prices (Canada): 3.75 CAD/Lbs
Copper Radiators Scrap Prices (Canada): 2.74 CAD/Lbs
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