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

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by - 8/19/2022 704 Views

Copper Scrap prices in the US and Canada have almost hit seven-week highs on increasing Chinese imports and demand.

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 August 22, 2022, by understanding the correspondence between Copper prices and Copper Scrap Prices. Linear Regression and Granger’s Causality are the research models used to predict Copper Scrap prices.

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

Copper Scrap Price Forecast in the US & Canada for August 22, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 3.08
Copper #2 (US) $ 2.72
Brass (US) $ 1.66
Hard Brass (Canada) $ 3.56
Copper #1 (Canada) $ 4.24
Copper #2 (Canada) $ 4.01
Copper #3 (Canada) $ 3.94
Copper Radiators (Canada) $ 2.55
Sheet Copper (US) $ 2.44

Graphical Representation of COMEX Copper Base Metal Price (US)

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

Is Copper Scrap Prices Stopped Falling & Rebounding Now?

Copper Scrap prices in the US have almost hit seven-week highs on increasing Chinese imports and demand amid unexpected US inflation.

As the price spread between Copper Base Metals and Copper Scrap failed to narrow despite rebounding Copper prices hitting one-month highs, thus Copper Scrap supply was quite tight now.

Copper Scrap prices were hovering around $3.10 per pound in the first week of July. Then, Copper Scrap prices decreased from $3.5 to $3.09 per pound in the second week of July. Consequently, in mid-July, Copper Scrap prices hit a 17-month low of $3 per pound.

Since then, Copper Scrap prices stopped falling and started to rebound and are now increased to 7-week highs of $3.15 per pound. As of now, Copper Scrap prices in the US are trading at,

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): 3.87 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 3.53 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 3.43 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.29 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.19 CAD/Lbs

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Copper Prices Are Moving In a Wide Range amid Weak Supply & Demand

Copper prices are now at a positive momentum and are trading at $3.64 per pound (Aug-19-22) in the CME futures, which is 1.96% higher than the previous settlement price of $3.57.

Copper prices increased on Friday, signaling a positive end to the week. Copper prices are rising as expectations for a strong demand outlook in China thrive, despite concerns about further interest rate hikes and slowing global economic growth.

Global stock markets, on the other hand, fell following the announcement by US and European central bank officials that inflationary pressures were not decreasing, implying that interest rates will continue to rise in the coming days.

Furthermore, investors are concerned about the Chinese economy as the People's Bank of China's unexpected interest rate cuts indicates extreme pressure on the central bank to support economic growth, which may impact Copper prices.

According to data from the International Copper Study Group (ICSG), the global copper market shifted to an excess supply of 5,000 tonnes in May, up from a shortfall of 23,000 tonnes the previous month.

Previously, the ICSG reported a 3,000-tonne excess in April. Copper inventory in major Chinese markets fell 400 mt from the previous Friday to 70,300 mt. The total inventory decreased by 89,400 mt compared to the same period last year, and the inventory was 159,700 mt.

So, based on the ICSG data, we can see that China's Copper stockpiles are relatively low and import premiums are high, implying that China has begun importing and Copper's demand will rise in the future, gradually supporting Copper prices.

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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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