Copper Scrap prices in the United States and Canada have declined significantly for more than a week after reaching one-month highs in June. Copper Scrap prices are certainly linked to Copper Base Metal prices. The current global crises have significantly impacted Copper Base Metal pricing, which has also influenced Copper Scrap pricing.
By examining the correlation between Copper Base Metal prices and Copper Scrap prices using Linear Regression and Granger's Causality techniques, our RIM research team forecasted Copper Scrap prices in the United States and Canada for June 17, 2022.
Copper Scrap price forecasting greatly helps to understand current market trends in the Copper Scrap industry and the external factors that influence Copper Scrap prices.
Copper Scrap Prices Forecast in the US & Canada for June 17, 2022
| Copper Scrap | Predicted Price |
| Copper #1 (US) | $ 3.62 |
| Copper #2 (US) | $ 3.20 |
| Brass (US) | $ 1.96 |
| Hard Brass (Canada) | $ 3.77 |
| Copper #1 (Canada) | $ 4.79 |
| Copper #2 (Canada) | $ 4.52 |
| Copper #3 (Canada) | $ 4.45 |
| Copper Radiators (Canada) | $ 2.80 |
| Sheet Copper (US) | $ 2.88 |
Graphical Representation of COMEX Copper Base Metal Price (US)
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Copper Scrap prices in the United States & Canada are now at lower levels for over a week of worries over slow demand concerns in China. Similarly, the US dollar index remains firmer, making greenback-denominated scrap metals more expensive for buyers using other currencies.
Copper Prices:
Copper prices have now fallen due to weak demand growth from the world's largest metal consumer, China, due to the re-imposition of Covid cases in major Chinese cities attempting to enforce new restrictions.
In early June, a significant recovery in Copper prices of $4.54 per pound was backed by a rebound in Chinese demand as Covid shutdowns were relaxed.
While, the long-term demand outlook for Copper remains bullish, the short-term demand growth for Copper appears bearish, still keeping Copper prices on the rising trend. The best example is the ongoing global energy transition, which boosts demand and Copper prices through EVs and other electrification.
Global EV sales "reached 6.3 million in 2021, up 102% year on year, with this number expected to rise to 26.8 million units in 2030, according to the latest analysis from S&P Global Platts Analytics."
However, the current base metal market is expected to continue in the bearish momentum until China completely recovers from the Covid cases and resumes normal import-export of scrap metals and base metals.
Copper prices are trading at $4.18 per pound in the CME futures on June 15, 2022, which is 0.95% down from the previous close price.
As of today, Copper Scrap prices in the United States are at,
Copper No.1 Scrap Prices (US): 3.65 USD/Lbs
Copper No.2 Scrap Prices (US): 3.15 USD/Lbs
Sheet Copper Scrap Prices (US): 2.90 USD/Lbs
Brass Scrap Prices (US): 2.05 USD/Lbs
Today’s Copper Scrap Prices in Canada
No.1 Copper Scrap Prices (Canada): 4.90 CAD/Lbs
No.2 Copper Scrap Prices (Canada): 4.60 CAD/Lbs
No.3 Copper Scrap Prices (Canada): 4.52 CAD/Lbs
Hard Brass Scrap Prices (Canada): 3.79 CAD/Lbs
Copper Radiators Scrap Prices (Canada): 2.76 CAD/Lbs
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