"Copper Base Metal" is viewed as a reliable indicator of global economy, with rising Copper prices indicating strong economic growth and falling Copper prices denoting weak economic growth.
Copper Scrap prices are undoubtedly associated with Copper Base Metal pricing. In the present, Copper Scraps are one of the highly purchased Scrap Metals by recyclers and traders as they are completely recyclable without losing its qualities.
Because of the current global economic downturn, investors are taking a riskier approach to determining the right pricing for Copper Scraps, putting them in a difficult position to decide when to invest in this industry.
To assist them, our RIM researchers forecasted Copper Scrap prices in the United States and Canada for June 20, 2022 by examining the correlation between Copper prices and Copper Scrap pricing. Linear Regression and Granger's Causality models were used to forecast Copper Scrap prices.
Copper Scrap Price Forecast for June 20, 2022 in the US & Canada
| Copper Scrap | Predicted Price |
| Copper #1 (US) | $ 3.55 |
| Copper #2 (US) | $ 3.13 |
| Brass (US) | $ 1.92 |
| Hard Brass (Canada) | $ 3.77 |
| Copper #1 (Canada) | $ 4.70 |
| Copper #2 (Canada) | $ 4.45 |
| Copper #3 (Canada) | $ 4.38 |
| Copper Radiators (Canada) | $ 2.76 |
| Sheet Copper (US) | $ 2.82 |
Graphical Representation of COMEX Copper Base Metal Price (US)
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Copper prices in the CME futures are trading at $4.09 per pound on June 17, 2022, which is 2.15% down from the previous price of $4.18/Lbs and the lowest ever since August 2021.
Copper prices dropped on Friday for the first time since August 2021, owing to concerns about a global economic slowdown, weak demand in China, and the US Fed Reserve's 75-basis-point rate hike since 1994.
“Metals demand is at risk as accelerated monetary policy tightening led by developed economies threatens to hamstring economic growth and trigger a possible recession,” said Tom Mulqueen, an analyst at Amalgamated Metal Trading.
Copper prices fluctuated in the first quarter of 2022, despite improved base metals demand from China and the Russia-Ukraine war. Investors believe that Copper prices will be stable in the second quarter of 2022, but are vulnerable to the ongoing threat of new outbreaks in China imposing new limitations.
Meanwhile, despite weak global demand growth, Copper prices are supported by low stocks in LME-approved warehouses. On the other hand, mine supply for Copper Base Metal is improving, as the strike in the leading Copper mines in Chile and Peru has ended and workers have resumed normal operations.
As the supply side issues for Copper Base Metal vanish, the demand side issues worsen, causing Copper prices to fall. Copper prices are expected to fluctuate and trade lower than before unless supply-demand issues are resolved.
Copper Scrap prices in the United States are also on the negative side and are now trading 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): 4.85 CAD/Lbs
No.2 Copper Scrap Prices (Canada): 4.62 CAD/Lbs
No.3 Copper Scrap Prices (Canada): 4.54 CAD/Lbs
Hard Brass Scrap Prices (Canada): 3.77 CAD/Lbs
Copper Radiators Scrap Prices (Canada): 2.75 CAD/Lbs
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