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Comparison: Daily Copper Scrap Price Predictions – US & Canada (June 20, 22)

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by - 6/20/2022 862 Views

Copper Scrap prices in the US & Canada soar to seven-month lows on concerns about tightening global recession.

By understanding the correlation between Copper Scrap prices and Copper prices, our RIM researchers forecasted Copper Scrap prices in the US & Canada for June 20, 2022, with the help of the Linear Regression model.

Our analysis was accurate, and we forecasted Copper Scrap prices in the US & Canada with a 0.5 to 2% difference. Copper Scrap price forecasting helps traders and investors determine the right time to make a good income when buying or selling Copper Scrap.

Let's now understand the difference between the Copper Scrap forecasted price and the actual Copper Scrap price for June 20, 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) $ 3.55 $ 3.55 0.00 0.00%
1 Copper #2 (US) $ 3.13 $ 3.05 0.08 2.62%
2 Brass (US) $ 1.92 $ 1.95 -0.03 -1.54%
3 Hard Brass (Canada) $ 3.77 $ 3.75 0.02 0.53%
4 Copper #1 (Canada) $ 4.70 $ 4.70 0.00 0.00%
5 Copper #2 (Canada) $ 4.45 $ 4.40 0.05 1.14%
6 Copper #3 (Canada) $ 4.38 $ 4.40 -0.02 -0.45%
7 Copper Radiators (Canada) $ 2.76 $ 2.74 0.02 0.73%
8 Sheet Copper (US) $ 2.82 $ 2.80 0.02 0.71%

Market Price Graph of Copper No.1 Scrap in the United States

Comparison: Daily Copper Scrap Price Predictions – US & Canada (June 20, 22)

Copper Scrap prices in the United States have fallen to seven-month lows due to concerns about a tightening global recession.

After China's two-month-long Covid lockdown ended in June, there was increased demand for Copper Scraps, and also, Copper Scrap prices rose gradually. As China re-imposed Covid lockdowns in major cities in the second week of June due to new cases, Copper Scrap demand began to weaken, pushing Copper Scrap prices to seven-month lows.

Due to the strengthening global economic downtrends, Copper Scrap demand is moving at a slower pace in the second quarter of 2022, making additional downward pressure on Copper Scrap prices.

Copper Scrap prices reached a record high of $4.30 per pound on March 7, 2022, strengthened by high demand and negative supply pressures such as low inventories for base metals in warehouses around the world, Russia-Ukraine war, and supply disruptions in Chile and Peru.

Meanwhile, at the start of the second quarter, Copper Scrap prices fell to eight-month lows and hovered around $3.90 per pound due to demand and supply-side pressures such as Covid lockdowns in China and slower global economic growth, which weakened demand for Base Metals and Scrap Metals.

Similarly, the ongoing low stock levels in warehouses and the recent announcement of a protest in Chile, the world's largest Copper mine, adding extra worries on the supply side. Copper Scrap prices are currently falling to $3.55 per pound as supply-demand issues worsen.

According to recent data, the logistics, recycling, and dismantling of Copper Scrap in China have resumed at a slower pace. So if manufacturing activities grow rapidly, we can expect a massive import-export of Copper Scrap and Copper Base Metals demand from China and a significant increase in Copper Scrap Prices and Copper Prices.

Copper prices in the United States hit one-year lows of $4.01 per pound on June 21, 2022, in the CME futures, which is the lowest since May 2021.

Copper Scrap prices in the United States 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

Also, Copper Scrap Prices in Canada are at,

No.1 Copper Scrap Prices (Canada): 4.77 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): 3.77 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.75 CAD/Lbs

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Category : General

Tags : Copper, Copper Prices, Copper Scrap, Copper Scrap Prices, Copper Scrap Price Forecast US & Canada, Copper Scrap Price Predictions US And Canada


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About Jenisha Rajakumar

I'M a Research Analyst and Content Creator at RIM. Currently I'm researching on Copper Prices around the Globe and the impacts on Copper Scrap Prices with regard to COMEX, LME, SHFE and MCX. .... more info

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