RIM’s “Copper Scrap price forecast for US & Canada” is very effective and probably benefits Copper Scrap investors/traders to keep abreast of the scrap market and better understand the fluctuations in the prices induced by supply and demand factors.
Meanwhile, learning our Copper Scrap price forecasting guides Copper Scrap traders and recyclers in determining the correct pricing to buy or sell Copper Scraps for the highest possible price.
Copper Scrap Price Forecast in US & Canada for Nov 15, 2022
| Copper Scrap | Predicted Price |
| Copper #1 (US) | $ 3.39 |
| Copper #2 (US) | $ 2.98 |
| Brass (US) | $ 1.86 |
| Hard Brass (Canada) | $ 3.57 |
| Copper #1 (Canada) | $ 4.58 |
| Copper #2 (Canada) | $ 4.29 |
| Copper #3 (Canada) | $ 4.21 |
| Copper Radiators (Canada) | $ 2.69 |
| Sheet Copper (US) | $ 2.69 |
Market Graph of COMEX Copper Base Metal Price - US (Past 6 Months)
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Are US Copper Scrap Prices Rising? Why?
Copper Scrap prices in the United States reached a 5-month high of $3.20 per pound in November, trading at higher levels last seen in late June as lower-than-expected inflation in the United States lowered expectations on the extent of Federal Reserve rate hikes, supporting Scrap Metals demand.
Copper Scrap prices were also supported by a weaker dollar index and growing concerns about increased demand for Copper Scrap due to low stockpiles of Copper Base Metal in warehouses around the world. According to commodity trader Trafigura, global Copper stocks have reached all-time lows, with current inventories sufficient to meet global demand for only 4.9 days.
Nonetheless, sharper increases in Copper Scrap prices were limited by the deteriorating macroeconomic environment in top consumer China. Covid outbreaks in the country heightened fears of strict lockdowns and solidified officials' pledges to implement measures to stabilize the pandemic-hit economy, raising hopes of a rebound in economic activity and higher Copper Scrap prices.
Will Copper Scrap Prices Stay Constant In the 4th Quarter?
Copper Scrap prices were vastly better in the first quarter, reaching all-time highs of $3.75 in March on the threat of a Russian-Ukraine war. Copper Scrap prices have been trading at lower levels since then due to ongoing supply-demand headwinds.
The impact of aggressive interest rate hikes, high energy prices, slower manufacturing activity in major economies, global recession threats, and the ongoing Russia-Ukraine conflict continue to put downward pressure on Copper Scrap prices in the second and third quarters, causing them to trade lower rather than higher.
Meanwhile, new covid curbs in China in the second quarter put additional downward pressure on copper scrap prices, causing them to trade at 20-month lows in June. Following that, copper scrap prices fluctuated and were not stable.
However, in the fourth quarter, Copper Scrap prices reached 5-month highs due to rising demand concerns for Copper Scrap as major economies such as the United States, China, and Europe begin to resume economic activities, further boosting the Copper Scrap market.
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 totalled 1.36 million MT, an increase of 9.97% year on year. If the Chinese import volume keeps increasing despite of Covid limitations, it furtherly boosts Copper Scrap prices to stay at higher levels in the long run.
Meanwhile, US economy is also at stable state, as evidenced by the unemployment and inflation rates. The country's official inflation rate fell to 7.7% in September, down from 8.2% in August and below the 7.9% increase predicted by economists. (From Trading Economics)
Furthermore, according to trading economics, the unemployment rate in the United States rose by 0.2 percentage point to 3.7 percent in October 2022, up from 3.5 percent in September and slightly higher than market expectations of 3.6 percent.
The official inflation and unemployment rates clearly demonstrate that the US economy is stable, raising hopes for scrap metals demand. Technically, the Copper Scrap market improved and gained in the fourth quarter, and this bullish trend is expected to continue into 2022.
Copper Scrap prices in the US reached a historic high of $4.30/Lbs in March and a month low of $3.9/Lbs (January) in the first quarter. Copper Scrap prices reached a high of $4.22/Lbs in April and a low of $3.18/Lbs in the second quarter (June). Copper Scrap prices reached a high of $3.25/Lbs in August and a low of $2.66/Lbs in the third quarter (July).
Copper Scrap prices in the US are now trading at,
Copper No.1 Scrap Prices (US): 3.12 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
Copper Scrap prices in the Canada today are at,
No.1 Copper Scrap Prices (Canada): 4.24 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): 3.28 CAD/Lbs
Copper Radiators Scrap Prices (Canada): 2.30 CAD/Lbs
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