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Copper Scrap Price Forecast US & Canada (Aug-16-22)

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by - 8/13/2022 775 Views

Copper Scrap prices in the United States and Canada increases on unexpected US inflation that could dampen growth and scrap metals demand.

By learning the correlation between Copper pricing and Copper Scrap prices, our RIM researchers have predicted the Copper Scrap prices in the US and Canada for August 16, 2022, with the help of Linear Regression and Granger’s Causality models.

Copper Scrap price forecasting would help Copper Scrap traders and investors better decide when to buy or sell Copper Scrap at significant profits.

Copper Scrap Prices Forecast for Aug 16, 2022, in the US & Canada

Copper Scrap Predicted Price
Copper #1 (US) $ 3.15
Copper #2 (US) $ 2.77
Brass (US) $ 1.70
Hard Brass (Canada) $ 3.58
Copper #1 (Canada) $ 4.31
Copper #2 (Canada) $ 4.07
Copper #3 (Canada) $ 4.00
Copper Radiators (Canada) $ 2.58
Sheet Copper (US) $ 2.49

Graphical Representation of COMEX Copper Base Metal Price (US)

Copper Scrap Price Forecast US & Canada (Aug-16-22)

Since August, Copper Scrap prices have started rebounding and now hit one-month highs of $2.75 per pound. Previously, Copper Scrap prices dropped for four months, reaching almost 2-year lows on strengthening demand and supply issues.

Currently, Copper Scrap prices upsurged on increased Chinese Copper Scrap imports. Meanwhile, Copper Scrap prices were supported by unexpected US inflation amid worries of aggressive rate hikes that could dampen growth and scrap metals demand.

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

Copper No.1 Scrap Prices (US): 3.15 USD/Lbs

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

Sheet Copper Scrap Prices (US): 2.55 USD/Lbs

Brass Scrap Prices (US): 1.90 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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Copper Prices Boosted By Rising Chinese Import & Softening US Dollar

Copper prices are now trading at $3.68 per pound on the CME futures. Copper prices rose on US inflation amid worries of aggressive rate hikes that could dampen growth and metals demand.

The central bank in the US decided to raise another 75 basis point rate hike in September. Another US rate hike could boost the dollar in the coming days, but for now, it is retreating, making green-priced metals cheaper for buyers of other currencies, which could boost demand.

Tight Copper inventories across base metals also support Copper prices. According to data, 231,000 tonnes of Copper are stored in warehouses monitored by the LME, the Shanghai Futures Exchange, and the COMEX exchange in New York, down from around 375,000 tonnes a year ago.

“In the near term, better data means equity and credit markets are pricing out a more severe recession risk. In this context, base metals could catch up with this risk positive shift,” said Giles Coghlan, an analyst at broker HYCM.

Meanwhile, Copper prices have been boosted by improved demand outlook from the top metals consumer, “China”. According to data, China’s Copper imports rose to 463,693 tonnes in July, up 9.3% from a year earlier, as the sharp drop in Copper prices triggered importing.

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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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