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Copper Scrap Price Forecast For US & Canada – Nov 24, 2022

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by - 11/22/2022 4511 Views

Copper Scrap prices are continually declining for the second straight week on dampening global demand growth.

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 24, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 3.07
Copper #2 (US) $ 2.69
Brass (US) $ 1.88
Hard Brass (Canada) $ 3.22
Copper #1 (Canada) $ 4.45
Copper #2 (Canada) $ 4.17
Copper #3 (Canada) $ 4.09
Copper Radiators (Canada) $ 2.33
Sheet Copper (US) $ 2.52

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

Copper Scrap Price Forecast For US & Canada – Nov 24, 2022

US Copper Scrap Prices Flattened On Chinese Covid Curbs

Copper Scrap prices in the US continued to decline for the second week since hitting 5-month highs on dampening demand concerns, especially from the top Scrap Metals consumer, China, because of new covid curbs.

Meanwhile, the hawkish remarks from US Federal Reserve officials about the further interest rate hike sent the dollar index higher, pushing Copper Scrap prices down. Asian stock markets were cautious due to the further interest rate hike, as employment and inflation data continued to show a tight US labour market, investors' hopes for less aggressive monetary policy in the US economy.

Recently, China has struggled with rising new covid curbs in industrial hubs such as Beijing and Guangzhou, mentioning poor economic performance this year. China partially relaxed COVID restrictions this week, and investors expected a surge in demand. Still, the effect of loosening some limitations has faded as cases have increased and new restrictions have been imposed, further undermining industrial activity.

However, the Chinese government has implemented several policies to strengthen the pandemic-hit economy. According to the National Business Daily, the Chinese province of Henan approved 26.2 billion yuan ($3.65 billion) in financing for troubled real estate projects and to ensure timely deliveries of pre-sold homes. Furthermore, according to ANZ Research, the Politburo Standing Committee meeting suggested that Beijing would take more targeted measures to avoid economic damage.

Additionally, according to a joint statement released by the ten copper producers, they pledged at the meeting to make recycled copper 25% of their total production by 2025. The top Copper producers are attempting to persuade the Chinese government to relax Copper Scrap import standards to improve their secondary production ratio; if this policy is implemented, higher Copper Scrap imports may occur in the coming days.

Along with the new Copper Scrap import policy and Chinese economic growth policies, we can expect stronger demand growth from China at the end of this year. Technically, the US Copper Scrap market is currently in a bearish trend, and the Copper price is expected to fall as global economic activities are still downward.

Copper Scrap prices in the US are now trading at,

Copper No.1 Scrap Prices (US): 3.09 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): 4.48 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 4.20 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 4.13 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.28 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.30 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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