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Daily Copper Scrap Price Predictions: US & Canada (JULY-11-22)

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by - 7/8/2022 705 Views

Copper Scrap prices in the US & Canada edged lower to 20-month lows on mounting economic slowdown worries that dampened the scrap metals demand outlook.

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

Copper Scrap prices are currently impacted and keep decreasing due to low consumption caused by the current global economic slowdown, making it difficult for investors to determine the proper pricing for Copper Scraps.

Our RIM researchers forecasted the Copper Scrap prices in the United States & Canada for July 11, 2022, using AI and Linear Regression models after understanding the correlation between Copper prices and Copper Scrap Prices.

We have been forecasting Copper Scrap prices in the US & Canada for over a year. Our research was successful, and we accurately forecasted Copper Scrap prices with different values of 0.5 to 2%.

Copper Scrap Price Forecast in the US & Canada for July 11, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 2.98
Copper #2 (US) $ 2.63
Brass (US) $ 1.59
Hard Brass (Canada) $ 3.76
Copper #1 (Canada) $ 4.12
Copper #2 (Canada) $ 3.96
Copper #3 (Canada) $ 3.89
Copper Radiators (Canada) $ 2.49
Sheet Copper (US) $ 2.36

Graphical Representation of COMEX Copper Base Metal Price (US)

Daily Copper Scrap Price Forecast: US & Canada (JULY-11-22)

Copper Scrap Prices:

Copper Scrap prices are currently stumbling as Copper prices have plummeted to 20-month lows. Similarly, Copper Scrap consumption continues to fall due to the slowing global economic activity.

Meanwhile, the price difference between Copper Base Metals and Copper Scrap lowered, and investors/traders eventually realized there was no profit in selling Copper Scraps, resulting in low shipments.

In June, China implemented new policies to help the pandemic-affected economy recover. As a result, consumption of Copper Scrap in new energy-related fields increased, while consumption in traditional fields such as home appliances, automobiles, and infrastructure stayed low.

The consumption recovery cannot be reached in the short term. Copper Scrap prices may rebound in the future as consumption of Copper Scrap increases as a result of China's policy. However, consumption of Copper Scrap in Asia, Europe, and the United States is still declining due to slower manufacturing activity and low Copper prices.

Copper Scrap prices previously hit 20-month lows on July 06, the lowest ever since November 2020, and are now trading at,

Copper No.1 Scrap Prices (US): 3.02 USD/Lbs

Copper No.2 Scrap Prices (US): 2.51 USD/Lbs

Sheet Copper Scrap Prices (US): 2.31 USD/Lbs

Brass Scrap Prices (US): 1.76 USD/Lbs

Also, Copper Scrap Prices in Canada are at,

No.1 Copper Scrap Prices (Canada): 4.03 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 3.73 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 3.68 CAD/Lbs

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

Copper Radiators Scrap Prices (Canada): 2.50 CAD/Lbs

Daily Scrap Prices is now accessible on WhatsApp; sign up now to receive daily Copper Scrap Prices in seconds via WhatsApp.

Copper Prices:

Copper prices rose 0.29% from Thursday's settlement, touching $3.51 per pound on the COMEX futures, after hitting its lowest since November 2020 on July 06, $3.37 per pound.

Copper prices climbed on Friday after a nearly 20-month low in the previous session, supported by a slight pullback in the US dollar.

US Dollar Index: The dollar fell 0.1 percent after reaching a 20-year high against its rivals, making greenback-denominated metals slightly cheaper for holders of other currencies. Meanwhile, due to expectations of aggressive Federal Reserve rate hikes and global recession fears, the US dollar index is expected to remain strong for the near term.

Supply Side - Copper Mines: Peru released a data on Wednesday, "Copper output fell 11.2% in May from a year ago after a stoppage at its Las Bambas mine and lower quality production in other deposits. The continuing nationwide strike at Chile's largest Copper mine has reduced output and caused supply disruptions.

Demand Side – China: China, the world's largest scrap metals and base metals consumer, is now experiencing covid-19 flare-ups across the country, with fresh covid cases, mass testing, and new restrictions. The re-imposition of Covid lockdowns in China dampens demand, weakening manufacturing and transportation activities.

In July, investors anticipated that China would relax Covid restrictions and return to the market to invest in base metals. However, China discovered new covid cases in major cities and began re-imposing new lockdowns. The global decline in demand for Copper Base Metals is driving down Copper prices and raising concerns about a global recession in the near term.

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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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