Our RIM researchers forecasted Copper Scrap prices in the US & Canada for June 22, 2022, by examining the correlation between Copper prices and Copper Scrap prices using Linear Regression and Granger's Causality research techniques.
Copper Scrap price forecasting possibly advantages the Copper Scrap-industry to recognize the fluctuations in Copper Scrap prices induced by supply and demand factors. Moreover, Copper Scrap price forecasting can help Copper Scrap traders and recyclers determine the best price to buy or sell Copper Scraps at higher profits.
Copper Scrap Prices Forecast for May 22, 2022, in the US & Canada
| Copper Scrap | Predicted Price |
| Copper #1 (US) | $ 3.46 |
| Copper #2 (US) | $ 3.05 |
| Brass (US) | $ 1.86 |
| Hard Brass (Canada) | $ 3.76 |
| Copper #1 (Canada) | $ 4.61 |
| Copper #2 (Canada) | $ 4.37 |
| Copper #3 (Canada) | $ 4.30 |
| Copper Radiators (Canada) | $ 2.72 |
| Sheet Copper (US) | $ 2.75 |
Graphical Representation of COMEX Copper Base Metal Price (US)
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Copper prices in the United States fell to ten-month lows, with concerns about a worsening global economic downturn adding negative pressure on Scrap Metals and Base Metals.
Copper prices declined on Monday as the US Federal Reserve approved the largest interest rate hike last week, rising 75 basis points, causing the dollar index to hover at its highest level in over two decades, making greenback-priced metals more expensive.
Meanwhile, the second-largest Copper mine in Peru, Las Bambas, has resumed normal operations after being shut down for several days due to an indigenous community protest, thereby improving the supply of Copper Base Metals.
On the other hand, workers at Chilean state-owned miner Codelco, the world's largest Copper producer, announced they would begin planning for a national strike after announcing the closure of the troubled Ventanas smelter.
So, if the Chilean Copper mine goes on strike, there will be significant supply chain disruptions in Copper Base Metal, which will impact Copper prices in the coming days.
Copper prices in the United States hit one-year lows of $4 per pound on June 20, 2022, which is the lowest ever since May 2021.
Meanwhile, Copper Scrap prices in the United States fell to seven-month lows and are now trading at,
Copper No.1 Scrap Prices (US): 3.55 USD/Lbs
Copper No.2 Scrap Prices (US): 3.05 USD/Lbs
Sheet Copper Scrap Prices (US): 2.80 USD/Lbs
Brass Scrap Prices (US): 1.95 USD/Lbs
Today’s Copper Scrap Prices in Canada
No.1 Copper Scrap Prices (Canada): 4.70 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): 3.75 CAD/Lbs
Copper Radiators Scrap Prices (Canada): 2.74 CAD/Lbs
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