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Copper Scrap Price Predictions: US & Canada – July 23, 2022

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by - 7/21/2022 620 Views

Copper Scrap prices in the US & Canada are now falling unexpectedly due to the global recession and lower Copper Base Metal pricing.

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 23, 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 23, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 2.76
Copper #2 (US) $ 2.44
Brass (US) $ 1.47
Hard Brass (Canada) $ 3.68
Copper #1 (Canada) $ 3.95
Copper #2 (Canada) $ 3.78
Copper #3 (Canada) $ 3.71
Copper Radiators (Canada) $ 2.39
Sheet Copper (US) $ 2.18

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Predictions: US & Canada – July 23, 2022

Overview Of Copper Scrap Prices 

Copper Scrap prices declined due to the ongoing global recession and interest rate hikes, manufacturing activity has lessened, reducing the import of Copper Scrap. On the other hand, because of low consumption and poor demand for the metal which also weighed on Copper Scrap prices.

Simultaneously, the sharp drop in Copper prices has narrowed the spread and demand for Copper Scrap, pushing Copper Scrap prices even lower. Copper Scrap imports were muted, and Copper prices fell due to China's Covid pandemic.

In the first quarter of 2022, Copper Scrap prices ranged from $3.80 to $4.25 per pound. At the start of the second quarter (May - June), Copper Scrap prices fluctuated from $3.70 to $3.2 per pound. Copper Scrap prices have now fallen to a two-year low of $2.65 per pound, the biggest yearly drop ever since in the short time.

Copper Scrap prices are now falling unexpectedly due to the global recession and lower Copper Base Metal pricing. Copper Scrap prices in the United States are currently trading at,

Copper No.1 Scrap Prices (US): 2.65 USD/Lbs

Copper No.2 Scrap Prices (US): 2.20 USD/Lbs

Sheet Copper Scrap Prices (US): 2.05 USD/Lbs

Brass Scrap Prices (US): 1.60 USD/Lbs

Also, Copper Scrap Prices in Canada are at,

No.1 Copper Scrap Prices (Canada): 3.70 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 3.43 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 3.40 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.35 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.20 CAD/Lbs

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

Headwinds In Copper Base Metal Pricing

Copper prices have fallen to two-year lows and are now trading at $3.29 per pound (July 21-22), which is 1.50% lower than the previous closing price.

Copper prices fell on Thursday as concerns about demand in China and a slowing global economy were exacerbated by rising inventories, while a weaker US dollar offered a little support.

“Copper Base Metal “is often regarded as a gauge of global economic health. The increased Copper prices declare the global economy is wealthy, and lowered Copper prices imply the global economy is in negative trends.

Copper prices are still down more than 30% from a record high in March, indicating the global economy is in trouble. Weak demand in China, the world’s largest metal consumer, also weighed on Copper prices. The country’s COVID-19 restrictions have dampened market expectations of a quick recovery in Copper and other base metals demand.

US Dollar INDEX: A weaker US dollar index has recently helped greenback metal pricing commodities cheaper for buyers using other currencies.

Global Recession: Metals and equities had tumbled in recent months, and the dollar had reached 20-year highs as sky-high inflation, and rapidly rising interest rates drove many countries into recession. The global recession weakening the base metals demand and lowering Copper prices further down.

Interest Rate Hikes: The major central banks have decided to raise the interest rates and expect a 75-basis-point US interest rate rise next week rather than a 100-basis-point increase that would have been more damaging to economic growth.

Meanwhile, European Central Bank can increase a bigger-than-expected 50-basis-point rate in the coming days. The increase in interest rates greatly damages the Copper Base Metals demand and lowers Copper pricing.

On the Demand Side: China accounts for about half of global Copper Consumption. The reoccurrence of Covid in China significantly impacted Copper Base Metals demand and the global economy.

Although China, the world’s largest metals consumer, is not in recession, COVID-19 restrictions have curbed industry and dampened manufacturing activity. Investors anticipated that China would recover from Covid lockdowns in July and that demand for Copper Base Metals would increase.

However, China’s lockdowns and demand headwinds are not yet over. The Covid outbreak in China is escalating and significantly impacting Copper prices.

Japanese Bank Nomura said 41 Chinese cities were implementing full or partial lockdowns or district-based control measures, affecting 22.8% of the country’s gross domestic product.

Copper Stocks in Warehouses: Because of poor Copper consumption, Copper stocks strengthen. Copper stocks LME registered warehouses rose from 5,925 tonnes to 136,200 tonnes, up 20%.

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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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