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Copper Scrap Price Forecast: US & Canada - June 24, 22

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by - 6/22/2022 812 Views

Copper Scrap prices have been declining due to rising demand and supply-side criteria.

Copper Scrap price forecasting greatly helps Copper Scrap traders and investors better understand supply-demand issues in base metals and how each factor will affect Copper Scrap prices.

Our RIM researchers forecasted Copper Scrap prices in the United States and Canada for June 24, 2022, by understanding the correspondence between Copper prices and Copper Scrap Prices.

Copper Scrap price forecasting will assist Copper Scrap importers, exporters, recyclers, and other scrap-related industries determine the best time to sell or buy Copper Scraps for maximum profits.

Copper Scrap Price Forecast in the US & Canada for June 24, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 3.35
Copper #2 (US) $ 2.96
Brass (US) $ 1.81
Hard Brass (Canada) $ 3.76
Copper #1 (Canada) $ 4.49
Copper #2 (Canada) $ 4.27
Copper #3 (Canada) $ 4.21
Copper Radiators (Canada) $ 2.67
Sheet Copper (US) $ 2.66

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Forecast: US & Canada – June 24, 22

Copper prices in the United States hit 15-month lows and are trading at $3.97 per pound on June 22, 2022, which is 1.00% down from the previous close price in the CME futures.

Copper prices declined for the fourth week on Wednesday and now, reaching 15-month lows as supply-demand issues worsened daily.

Meanwhile, a stronger US dollar index due to interest rate hikes by major central banks and weakening demand growth as increasing concerns over a global economic slowdown are putting extra pressure on Copper prices.

On the Demand Side:

• The dollar index rose 0.2%, making greenback-priced metals more expensive for buyers using other currencies.

• Aggressive interest rate hikes by major central banks, such as the US Fed Reserve's 75 basis points and Europe's 25 basis points, as well as the announcement that rates will be advanced again in September, have sparked worries about an economic slowdown.

• The National Health Commission said, "China reported 126 new coronavirus cases on June 21, of which 31 were symptomatic and 95 asymptomatic." The another reason for the drop in Copper prices is that rising COVID cases in major Chinese cities, demand for base metals and scrap metals gradually decreases.

On the Supply Side:

• A union official said, "Workers at Chile's state-owned Codelco will start a nationwide strike on Wednesday to protest the government and the company's decision to close a troubled smelter. As of the forthcoming strike in the world's largest Copper mine in Chile, Copper prices are heading down on concerns over supply disruptions.

• Copper stocks in LME-registered warehouses are at lower levels of 117,025 tonnes, down 35% since May.

Copper Scrap prices are also declining and are now trading at,

Copper No.1 Scrap Prices (US): 3.57 USD/Lbs

Copper No.2 Scrap Prices (US): 3.06 USD/Lbs

Sheet Copper Scrap Prices (US): 2.81 USD/Lbs

Brass Scrap Prices (US): 1.96 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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