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Daily Copper Scrap Price Predictions: US & Canada (Aug-31-22)

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by - 8/29/2022 542 Views

Copper Scrap prices in the US have almost reached 2-month highs in August closing week amid shrinking global economic activities

By analyzing the correlation between Copper prices and Copper Scrap prices, RIM researchers forecasted Copper Scrap prices in the US & Canada for August 31, 2022, with the help of AI and Linear Regression/Granger’s Causality research models.

Our Copper Scrap price forecasting can create investment opportunities for scrap traders/investors as small price increases or decreases in forecasting accuracy can generate significant profits. Meanwhile, Copper Scrap price predictions help scrap-related businesses better understand the current market trends related to supply and demand concerns that influence Copper Scrap pricing.

Copper Scrap Price Forecast for August 31, 2022, in the US & Canada

Copper Scrap Predicted Price
Copper #1 (US) $ 3.09
Copper #2 (US) $ 2.72
Brass (US) $ 1.67
Hard Brass (Canada) $ 3.52
Copper #1 (Canada) $ 4.23
Copper #2 (Canada) $ 3.99
Copper #3 (Canada) $ 3.92
Copper Radiators (Canada) $ 2.55
Sheet Copper (US) $ 2.45

Graphical Representation of COMEX Copper Base Metal Price (US)

Daily Copper Scrap Price Predictions: US & Canada (Aug-31-22)

Copper Scrap Prices Are At High Levels In the Short Term

Copper Scrap prices in the US remain high due to tight supply and demand concerns for Copper Scrap. On the other hand, following a small rebound in Copper prices last week, Copper prices dropped to $3.63 per pound on Monday (Aug-29-22), supporting high Copper Scrap prices.

Nonetheless, the falling Copper prices of nearly 30% from the March record level peak supported traders and investors to purchase Copper Scrap in huge tons because of narrowed price variation.

Overview of Copper Scrap prices in the second quarter of 2022

Copper Scrap prices hit record highs in March of $4.3 per pound because of the Russia-Ukraine conflict and low stockpiles of base metals in warehouses. Since then, Copper Scrap prices have been dropping very quickly.

In May, Copper Scrap prices are moderately high, trading at a month high of $3.9 per pound and a low of $3.6 per pound. In June, the zero covid policy in China muted scrap metals demand and weakened manufacturing activities globally, pushing Copper Scrap prices to a month low of $3.2 per pound and trading at a month high of $3.9 per pound.

Because of slower global economic activities, central banks increased interest rates adding fears over global recession in the major countries such as Europe, the US and China, which further pushed down Copper Scrap prices to a month low of $2.65 per pound and a month high of $3.1 per pound.

Consequently, Copper Scrap prices in the US have almost hit 2-month highs in August closing week amid shrinking global economic activities and are now trading at,

Copper No.1 Scrap Prices (US): 3.25 USD/Lbs

Copper No.2 Scrap Prices (US): 2.80 USD/Lbs

Sheet Copper Scrap Prices (US): 2.65 USD/Lbs

Brass Scrap Prices (US): 1.95 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

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

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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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