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Copper Scrap Price Forecast: US & Canada – July 13, 2022

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by - 7/11/2022 809 Views

Copper Scrap prices in the United States and Canada significantly declined on China’s Covid woes, dampening scrap metals demand prospects.

Copper Scrap price forecasting benefits Copper Scrap traders and investors in deciding the right time to make a good income in buying or selling Copper Scrap.

Our RIM researchers forecasted Copper Scrap prices in the United States and Canada for July 13, 2022, by understanding the correspondence between Copper prices and Copper Scrap Prices.

Effective Copper Scrap price forecasting helps us understand current market trends in the scrap business and the external factors that influence Copper pricing and Copper Scrap Prices.

Copper Scrap Prices Forecast in the US & Canada for July 13, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 2.95
Copper #2 (US) $ 2.61
Brass (US) $ 1.58
Hard Brass (Canada) $ 3.76
Copper #1 (Canada) $ 4.13
Copper #2 (Canada) $ 3.96
Copper #3 (Canada) $ 3.88
Copper Radiators (Canada) $ 2.48
Sheet Copper (US) $ 2.33

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Forecast: US & Canada – July 13, 2022

Copper Scrap Prices

Copper Scrap prices in the United States and Canada have declined since July due to the re-imposition of new Covid lockdowns in China, weakening Scrap Metals' demand.

Manufacturing activities also slowed due to the global recession, and Scrap Metals demand from other leading countries was muted. Copper Base Metals pricing is another significant barrier driving down Copper Scrap prices even further.

The price differential between Copper Base Metals and Copper Scrap got smaller, and investors/traders eventually realized there was no profit to be made in selling Copper Scraps, resulting in low shipments.

Copper Scrap prices were hovering around $3.10 per pound in the first week of July. Copper Scrap prices decreased from $3.5 to $3.09 per pound in the second week of July. Copper Scrap prices are now at a 17-month low of $3 per pound, the lowest since February 2021.

Copper Scrap prices in the United States are now trading at,

Copper No.1 Scrap Prices (US): 3.00 USD/Lbs

Copper No.2 Scrap Prices (US): 2.50 USD/Lbs

Sheet Copper Scrap Prices (US): 2.30 USD/Lbs

Brass Scrap Prices (US): 1.75 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 Base Metal Pricing

Copper prices on the CME futures are trading at $3.46 per pound (July-11-22), which is 1.98% lower than the previous closing price.

Copper prices fell sharply on Monday, owing to concerns about a slowing demand outlook from China, the world's largest scrap metals and base metals consumer. Meanwhile, the US dollar index rose, putting more pressure on Copper prices.

Copper prices have dropped substantially, indicating a negative signal for the global economy and increasing fears of a global recession. Since reaching a record high of around $5 per pound in March, Copper prices are down nearly 30%.

Covid Pandemic in China: After two months of Covid restrictions, the world expected China to begin importing base metals in June and the global economy to recover from its slowdown. However, in June-July, China was experiencing new Covid cases in major cities and enforcing new Covid restrictions. The weakening demand for scrap metals and base metals from China is affecting the global economy and keeping Copper prices low.

Dollar Index: A stronger US dollar makes dollar-denominated metals more expensive for holders of other currencies, reducing Copper demand.

Interest Rates: Inflationary pressures in the United States and Europe, including the United Kingdom, have prompted central banks to raise interest rates. The central banks have decided to raise interest rates in the coming days.

This has resulted in an economic slowdown, a decrease in base metals demand, and a negative signal for the global economy, raising concerns about a global recession.

COVID outbreaks in China, a stronger dollar index, and a slowing global economy keep Copper prices under pressure, in the long run, implying that this bullish trend will continue.

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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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