Our RIM researchers have been forecasting Copper Scrap prices in the US and Canada for the last several months. Our forecast is very accurate, with an accuracy of more than 98 per cent, a difference value of 0.5 to 2%.
We forecasted the Copper Scrap prices in the United States and Canada for June 16, 2022, using AI and Granger's causality and Linear Regression models after understanding the correlation between Copper prices and Copper Scrap Prices.
Copper Scrap price forecast will benefit Copper Scrap traders, investors, and scrap-related businesses in deciding when to buy/sell Copper Scrap at increased profits. And also helps Copper Scrap investors keep abreast of the markets, helping them move at the right time to maximise gains and pare losses.
Let us now compare the Copper Scrap predicted price and the actual Copper Scrap price in the US on June 16, 2022, which is forecasted on June 14, 2022.
Copper Scrap Forecast Price Vs. Actual Price in the US & Canada
| | Copper Scrap | Predicted Price | Actual Price | Diff | Diff in % |
| 0 | Copper #1 (US) | $ 3.69 | $ 3.66 | 0.03 | 0.82% |
| 1 | Copper #2 (US) | $ 3.25 | $ 3.16 | 0.09 | 2.85% |
| 2 | Brass (US) | $ 2.00 | $ 2.06 | -0.06 | -2.91% |
| 3 | Hard Brass (Canada) | $ 3.77 | $ 3.77 | 0.00 | 0.00% |
| 4 | Copper #1 (Canada) | $ 4.86 | $ 4.90 | -0.04 | -0.82% |
| 5 | Copper #2 (Canada) | $ 4.58 | $ 4.60 | -0.02 | -0.43% |
| 6 | Copper #3 (Canada) | $ 4.51 | $ 4.60 | -0.09 | -1.96% |
| 7 | Copper Radiators (Canada) | $ 2.83 | $ 2.75 | 0.08 | 2.91% |
| 8 | Sheet Copper (US) | $ 2.94 | $ 2.91 | 0.03 | 1.03% |
Market Price Graph of Copper No.1 Scrap in the United States
Copper Scrap prices in the United States and Canada are trading positively after a continuous decline of over a week, supported by China's import of scrap metals and base metals to improve the economic growth right from June.
Copper Scrap prices on Thursday surge as China is slowly recovering from the Covid lockdowns and Covid cases to enhance the virus-hit economy.
"We're seeing some Chinese numbers improving, and I think the worst is over. We could see some volatility, but overall the broad trend is geared towards recovery," said Xiao Fu, head of commodity market strategy at Bank of China International in London.
Meanwhile, Copper prices in the United States are trading at $4.18 per pound in the CME futures on June 16, 2022.
Copper Scrap prices in the United States are now at,
Copper No.1 Scrap Prices (US): 3.66 USD/Lbs
Copper No.2 Scrap Prices (US): 3.16 USD/Lbs
Sheet Copper Scrap Prices (US): 2.91 USD/Lbs
Brass Scrap Prices (US): 2.06 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): 3.77 CAD/Lbs
Copper Radiators Scrap Prices (Canada): 2.75 CAD/Lbs
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