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Copper Scrap Price Forecast for the US & Canada (November 11, 2022)

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by - 11/9/2022 2010 Views

US Copper Scrap prices have declined from 2-month highs on adding Chinese demand fears

"US Copper Scrap price forecast" results from yearly research analyzing the correlation between Copper Scrap prices and Copper Base Metal prices. And with the help of AI and linear regression research models, we have proved that our Copper Scrap price forecast in the US is very accurate, with a difference of 0.5 to 2%.

In general, our effective US Copper Scrap price forecast will help scrap-related businesses, traders and investors better decide when to buy or sell Copper Scrap at significant profits.

Copper Scrap Prices Forecast in US & Canada for Nov 11, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 3.13
Copper #2 (US) $ 2.65
Brass (US) $ 1.81
Hard Brass (Canada) $ 3.46
Copper #1 (Canada) $ 4.31
Copper #2 (Canada) $ 4.03
Copper #3 (Canada) $ 3.95
Copper Radiators (Canada) $ 2.56
Sheet Copper (US) $ 2.58

Market Graph of COMEX Copper Base Metal Price US – (Past 6 Months)

Copper Scrap Price Forecast for the US (November 11, 2022)

Copper Scrap Prices in the United States are Failing to Remain Elevated

Copper Scrap prices in the United States fell for the second consecutive day, dashing hopes of maintaining higher levels. Copper scrap prices declined Wednesday, reversing some of the previous session's steep gains. China's deep commitment to its zero-COVID policy fueled concerns about slowing economic growth and boosted the dollar. According to Chinese scrap metal import data, investors expect copper scrap prices to remain high as import volume in China rises despite the Zero-covid policy.

According to customs data, China's Copper Scrap import volume was 167,000 MT in September, up 7.99% MOM and a new high since April 2022. From January to September, imports totaled 1.36 million MT, an increase of 9.97% year on year.

However, Copper Scrap prices demand is reversing due to growing covid curbs in industrial hubs and the prospect of weakening demand in China, the world's largest importer of industrial metal.

China's zero-COVID policy slowed economic activity this year, weighing on the country's appetite for commodity imports, especially Copper Scrap. With the country repeating its commitment to the policy, commodity markets will likely fall this year's weakening trend in Copper Scrap prices.

Still, Copper prices are expected to reach unexpected highs and lows due to low warehouse inventories, tightening supply in mines, particularly due to the blockade of indigenous community production in Peru, and production slowing in Chile, the world's largest copper producer.

Technically, because of slowing global economic growth, the Copper Scrap market has a negative basis and is under pressure from both the supply and demand sides. In the short term, inflation fears and interest rates are expected to remain constant, impacting Copper Scrap prices significantly this year.

As of today, Copper Scrap prices in the United States are at,

Copper No.1 Scrap Prices (US): 3.10 USD/Lbs

Copper No.2 Scrap Prices (US): 2.69 USD/Lbs

Sheet Copper Scrap Prices (US): 2.54 USD/Lbs

Brass Scrap Prices (US): 1.89 USD/Lbs

Copper Scrap prices in the Canada today are at,

No.1 Copper Scrap Prices (Canada): 4.22 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 3.85 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 3.75 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.27 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.29 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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