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Copper Scrap Price Forecast For US & Canada: Sept 30, 2022

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by - 9/28/2022 840 Views

Because of growing concerns about global growth, US Copper Scrap prices have remained in the negative territory.

Copper Scrap price predictions help Copper Scrap traders/investors better understand the aspects related to supply and demand to project how each factor affects Copper Scrap pricing.

RIM researchers analysed the correlation between Copper Scrap prices and Copper Base Metal pricing with the help of Granger's Causality/Linear Regression research models; predicted the Copper Scrap prices in the US & Canada for September 30, 2022.

Our Copper Scrap price forecasting is accurate and helps Copper Scrap-related businesses find the right time to buy or sell Copper Scrap at higher profits.

Copper Scrap Prices Forecast for Sept 30, 2022, in the US & Canada

Copper Scrap Predicted Price
Copper #1 (US) $ 2.77
Copper #2 (US) $ 2.43
Brass (US) $ 1.50
Hard Brass (Canada) $ 3.35
Copper #1 (Canada) $ 3.88
Copper #2 (Canada) $ 3.64
Copper #3 (Canada) $ 3.56
Copper Radiators (Canada) $ 2.38
Sheet Copper (US) $ 2.18

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Copper Scrap Price Forecast For US & Canada: Sept 30, 2022

Copper Scrap Prices Slipped On Growing Global Economic Jitters

Copper Scrap prices are at downward trends because of a continuous decline in Copper Base Metal prices. Meanwhile, compared to Copper Base Metals consumption, Copper Scrap imports were high because traders and investors buy a lot due to the narrowed price differential.

Copper prices in India are now trading at Rs.626.35 (Sept-30-22) in the MCX futures. As a leading indicator of the global economy, lower Copper prices indicate that economic growth is slowing.

The main reason for the drop in Copper prices to two-month lows is that major central banks around the world raised interest rates, which pushed the US dollar higher, further pressuring Copper prices.

Because of the higher interest rate hike, the demand for Copper Base Metals weakened, which supported the inventories in warehouses to climb high. According to the recent data, Copper stocks in LME-approved warehouses, at 130,850 tonnes, are up nearly 30% since September 15.

Meanwhile, the world's largest Base Metal consumer showed a decline in Copper Scrap and industrial metals import due to slower manufacturing activities, higher energy costs, and a covid outbreak. On the other hand, the major economies in Europe, Japan, and the United States showed signs of slowing industrial activity due to high energy costs.

Copper prices have continued to fall since reaching new highs in March. Copper prices are low this year due to growing concerns that a recession will slow industrial activity and reduce demand for Copper.

These negative trends in Copper Base Metals impacted Copper Scrap pricing, causing it to trade at lower levels. Copper Scrap prices in the United States are currently 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): 3.87 CAD/Lbs

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

No.3 Copper Scrap Prices (Canada): 3.44 CAD/Lbs

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

Copper Radiators Scrap Prices (Canada): 2.25 CAD/Lbs

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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 & 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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