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Copper Scrap Price Forecast: US & Canada (July-04-22)

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by - 7/1/2022 762 Views

Copper Scrap prices in the United States and Canada are at all-time lows due to rapid interest rate hikes, which have slowed global economic growth and scrap metals demand.

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 July 04, 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 July 04, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 3.08
Copper #2 (US) $ 2.72
Brass (US) $ 1.65
Hard Brass (Canada) $ 3.76
Copper #1 (Canada) $ 4.23
Copper #2 (Canada) $ 4.05
Copper #3 (Canada) $ 3.98
Copper Radiators (Canada) $ 2.54
Sheet Copper (US) $ 2.44

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Forecast: US & Canada (July-04-22)

Copper Scrap Prices:

Copper prices on the closing day of June fell sharply, and Copper Scrap prices also continued to fall significantly. As the price differential between Copper Base Metals and Copper Scrap continues to narrow, investors/traders found no profit in selling Copper Scraps, leading to low shipments.

Meanwhile, Copper Scrap demand has continued to fall due to weakening Copper prices and low global economic growth, resulting in poor consumption. Copper Scrap prices are expected to fall further in the coming month until Copper prices rise and the global economy recovers.

Copper Scrap prices have fallen by around 20% since the March hike and are now at 17-month lows, the lowest since February 2021.

Copper Scrap prices in the US are now at,

Copper No.1 Scrap Prices (US): 3.20 USD/Lbs

Copper No.2 Scrap Prices (US): 2.70 USD/Lbs

Sheet Copper Scrap Prices (US): 2.50 USD/Lbs

Brass Scrap Prices (US): 1.80 USD/Lbs

Also, Copper Scrap Prices in Canada are at,

No.1 Copper Scrap Prices (Canada): 4.41 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 4.15 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 4.03 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.77 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.60 CAD/Lbs

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Copper Prices:

Copper prices on Friday fell 3.72% from Thursday's settlement price, touching $3.62 per pound (JULY-01-22) on the COMEX futures, the lowest since February 2021. Many other industrial metals were also on track for their biggest quarterly drop in several years, falling between 20% and 40%.

Copper prices dropped nearly 20% in the second quarter (May-June), the broadest quarterly drop since 2011, due to Covid lockdowns in China and a global recession.

Copper prices fell sharply on June 01 because of strengthening demand-supply side issues. Copper prices have been on the darker side in the entire month of June, driven by anxieties over slowing economic activity globally.

A weekly markets report from the Institute of Scrap Recycling Industries (ISRI) noted the recent fall in copper pricing shows that June has been an ugly month for the price of the non-ferrous metal, which is a key e-scrap commodity. Meanwhile, high energy prices also slowed economic activity in the rest of the world.

Copper Price Outlook:

DOLLAR: Because of interest rate hikes by major central banks US dollar has climbed up ever since. The dollar index is on track for its biggest quarterly gain since 2016, increasing the cost of metals priced in the currency for non-US buyers.

INTEREST RATES: High-interest rate hikes have weakened Copper Base Metals demand and slowed the global economy even further. Investors/analysts are concerned that central banks' announcements of further interest rate hikes in the coming days will lead to an economic recession and cause Copper prices to fall even further.

CHINA: China is the top base metals and scrap metals consumer in the world. After three months of contraction due to COVID lockdowns, Chinese factory activity increased slightly in June. The surge of new Omicron variants and new lockdowns in China dampened scrap metals and base metals demand for more than three months, weighing on Copper prices. Copper prices can only stabilize if Chinese demand for Copper and Scrap Metals improves.

LME INVENTORIES: Copper prices were also pressured due to low inventories in LME warehouses; Copper stockpiles in LME registered warehouses are now at 124,850 tonnes.

MANUFACTURING ACTIVITIES: Manufacturing output in Europe, Japan, Asia and other major countries fell by the most in two years in May, as China's strict COVID-19 restrictions weighed on manufacturing demand.

CHILE: The Chilean Copper workers began the nationwide strike over the company's decision to close an allegedly polluting smelter. About 50,000 copper workers, including Codelco's employees and contractors, joined the indefinite strike, the Federation of Copper Workers (FTC), an umbrella group of copper worker unions, said in a statement.

The ongoing protest in Chile's Copper mine is causing supply disruptions for Copper Base Metal and indicating a negative signal for Copper prices.

Will Copper Prices Go Up In The Coming Months?

Copper's supply-demand chain issues remain challenging day by day. However, due to the bearish factors mentioned earlier, Copper prices may fall lower in the coming weeks. Nevertheless, the metal's short-term prospects are hampered by weakening demand and limited supply.

Long-term demand growth for Copper in the green energy transition, electric vehicles, energy storage sectors, wind power generation, and solar panels seems to be quite positive, with the possibility for Copper prices to reach new highs in the coming years.

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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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