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Copper Scrap Price Predictions for US & Canada (Sept-28-22)

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by - 9/26/2022 974 Views

Copper Scrap prices in the US fell sharply on the hawkish fed interest rate hike, heightening Scrap Metals demand concerns.

RIM researchers predicted Copper Scrap prices in the US and Canada for Sept 28, 2022, by analyzing the correlation between Copper Scrap and Copper Base Metal prices using AI and Linear regression research models.

Our Copper Scrap price prediction is accurate and can create great investment opportunities to benefit Copper Scrap traders/exporters to generate significant profits when buying and selling Copper Scrap commodity.

Copper Scrap Price Forecast for Sept 28, 2022, in the US & Canada

Copper Scrap Predicted Price
Copper #1 (US) $ 2.78
Copper #2 (US) $ 2.45
Brass (US) $ 1.51
Hard Brass (Canada) $ 3.36
Copper #1 (Canada) $ 3.90
Copper #2 (Canada) $ 3.66
Copper #3 (Canada) $ 3.57
Copper Radiators (Canada) $ 2.39
Sheet Copper (US) $ 2.19

Market Price Graph of the COMEX Copper Base Metal (US)

Copper Scrap Price Predictions for US & Canada (Sept-28-22)

Copper Scrap Prices Slumps On Aggressive Fed Interest Rate Hike

Copper Scrap prices fell strongly after the US Fed raised interest rates by 75 basis points, as expected by the market. Furthermore, the Fed may raise interest rates by another 100-125 basis points this year and will continue to raise rates in 2023, according to the meeting, which was revealed.

The Fed's hawkish interest rate hike exceeded market expectations, raising concerns about Scrap Metals demand. Meanwhile, the US dollar rose last week, putting enormous pressure on Copper Base Metal pricing and Copper Scrap prices.

Furthermore, the demand for Copper Scrap and base metals from the top consumer, "China," is relatively high due to infrastructure investment and the improvement of new energy and real estate businesses. Copper Scrap imports and consumption from China have recently supported Copper Scrap prices.

The Copper Scrap market is currently bearish, and the pressure from the high US dollar index on Copper Scrap prices will not decrease in the near term. As a result, Copper Scrap prices will remain range bound in the coming days, with some downward potential.

Copper Scrap prices in the United States were trading at a high of $3.09/Lbs and a low of $2.98/Lbs, at the start of the third quarter. Since then, Copper Scrap prices have fluctuated between $3/lbs and $2.98/lbs. Copper Scrap prices fell more than four weeks lower in the final week of September and are now trading at,

Copper No.1 Scrap Prices (US): 2.85 USD/Lbs

Copper No.2 Scrap Prices (US): 2.40 USD/Lbs

Sheet Copper Scrap Prices (US): 2.25 USD/Lbs

Brass Scrap Prices (US): 1.75 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): 2.25 CAD/Lbs

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Tags : Copper, Copper Prices, Copper Scrap, Copper Scrap Prices, Indian Copper Scrap Price Forecast, Copper Scrap Price Predictions India

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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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