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Copper Scrap Price Predictions: US & Canada (Aug-06-22)

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by - 8/4/2022 770 Views

Copper Scrap prices in the United States and Canada are trading lower on continuing demand-supply side challenges.

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 August 06, 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 August 06, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 2.94
Copper #2 (US) $ 2.59
Brass (US) $ 1.58
Hard Brass (Canada) $ 3.57
Copper #1 (Canada) $ 4.10
Copper #2 (Canada) $ 3.89
Copper #3 (Canada) $ 3.82
Copper Radiators (Canada) $ 2.47
Sheet Copper (US) $ 2.32

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Predictions: US & Canada (Aug-06-22)

Impact of Supply-Demand Challenges On Copper Scrap Pricing

Copper Scrap prices have declined over four months, hitting almost 2-year lows on strengthening demand and supply issues.

Last week, Copper prices rebounded, but Copper Scrap prices are still lower due to dampened demand concerns from the top scrap metals consumer and other major countries.

The sharp drop in Copper prices earlier resulted in low import-export of Copper Scrap in the market, further leading to low Copper Scrap pricing.

Generally, the rise and fall of Copper prices are closely related to the Copper Scrap pricing, which further will improve the Copper Scrap supply to some extent when Copper prices stabilize.

While I write this article Copper Scrap prices in the United States are trading at,

Copper No.1 Scrap Prices (US): 2.81 USD/Lbs

Copper No.2 Scrap Prices (US): 2.36 USD/Lbs

Sheet Copper Scrap Prices (US): 2.21 USD/Lbs

Brass Scrap Prices (US): 1.66 USD/Lbs

Also, Copper Scrap Prices in Canada are at,

No.1 Copper Scrap Prices (Canada): 3.89 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 3.55 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 3.45 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.30 CAD/Lbs

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

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When Will The Copper Scrap Prices Stop Falling And Rebound?

Copper Scrap prices are inextricably related to Copper Base Metal prices. As Copper and Copper Scrap prices narrowed, investors reduced to import-export Scrap Metals, thinking there would be no profit in it.

Once the global economic activity resumes to a normal state, Copper Base Metals prices stabilize, and high Copper Scrap prices are probable.

Will Copper Prices Rise In The Coming Days (August)?

Copper prices are now trading at $3.45 per pound on August 4, 22, which is 1.43% lower than the previous closing price.

Copper prices on Thursday dropped on escalating US-China tensions over Taiwan amid low demand and slowing global economic growth.

Copper prices have been weighed down by weak consumption from China. Surveys showed weak factory activity across the United States, Europe, and Asia in July, adding to fears of a recession and a gloomy demand outlook.

Meanwhile, Copper prices are also pressured by worries that rising global interest rates would dent economic activities.

Still, China's State Grid plans to invest more than 150 billion yuan ($22 billion) in the second half of 2022 in ultra-high voltage power transmission lines, expected to drive demand for Copper Base Metals in the coming days.

So, in the coming days, we can expect a significant hike in Copper prices due to massive demand from the top metals consumer, China.

China Steps Up Copper Imports Despite Renewed Lockdown

According to statistics, China imported 373,000 tonnes of refined Copper in June, the highest monthly tally this year. Cumulative imports over the year's first half came in at 1.87 million tonnes, up by 4.4% in the first half of 2021.

Mined concentrate imports were also up in the first six months to 8.6% year-on-year. Copper Scrap flows were also 7.3% higher.

Although China's import volume of Copper is still higher, China's micro indicators all suggest the country is running short of Copper right now.

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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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