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Daily Predictions of Copper Scrap Prices – US & Canada (Nov-30-22)

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by - 11/28/2022 756 Views

Copper Scrap prices in the US hit 3-week lows on slowing economic growth, and rising inflation weighed on Copper Scrap's demand.

"US & Canada 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, RIM's 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 November 30, 2022

Copper Scrap Predicted Price
Copper #1 (US) $ 3.14
Copper #2 (US) $ 2.77
Brass (US) $ 1.86
Hard Brass (Canada) $ 3.41
Copper #1 (Canada) $ 4.44
Copper #2 (Canada) $ 4.15
Copper #3 (Canada) $ 4.05
Copper Radiators (Canada) $ 2.32
Sheet Copper (US) $ 2.60

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

Copper scrap prices have fallen for more than three weeks due to growing demand growth concerns in China due to renewed COVID-19 lockdowns and new covid cases being added on a daily basis. Meanwhile, the US dollar index fell further on expectations that the US Federal Reserve will raise interest rates by a smaller amount this week. Copper prices in the US futures are hitting 3-week lows and are today trading at $3.56 per pound, down 2.47% from the previous closing price. Copper prices are almost 25% down from March's record highs of around $4.94/Lbs.  China faces many new covid cases despite a strict zero-COVID policy, particularly in industrial hubs. Over the last three years, the zero-COVID policy has resulted in several lockdown measures that have severely disrupted economic activity and people movement. The new covid curbs are significantly impacting China's commodity imports, hurting Copper Scrap prices and raising the prospect of weakening demand. As China experiences covid curbs in the early third quarter, investors expected China to return to the market in the fourth quarter. Still, things appear to be worsening in the final days of 2022, creating yet another headwind to economic growth. Copper Scrap prices have fallen nearly 20% this year since their all-time highs in March, as slowing global economic growth, caused by rising inflation and interest rates, has weighed on Scrap metals and Copper Scrap demand. Looking at the other major economies; the US economy grew in the fourth quarter, and now investors' attention is focused on the US Nonfarm payrolls data that will be released on Friday, which will clearly show whether interest rates are rising at a slower pace in the US. However, the unemployment rate increased to 3.7% in October, up from 3.5% in September, while annual growth in average hourly earnings slowed to 4.7%, down from 5% the previous month. More recently, new unemployment claims increased to 240,000 on November 19, the highest total since August. Continued labor market strength gives the Fed enough leeway to keep raising interest rates, which is a bad signal for scrap metal markets in developing economies. Signals from the Fed that interest rates will be raised at a slower pace in the coming months were viewed positively, causing the dollar index to trade lower and Copper Scrap prices to trade higher. Imports from the United States, Japan, and Thailand have risen, but imports from Malaysia are down, according to import statistics. So, in the fourth quarter, all the growing major economies are slowly recovering from geopolitical issues, and Copper Scrap prices are expected to rise in 2023. Technically, the Copper Scrap market is under pressure and keeps trading at lower levels. And US interest rates are to be slow in the coming days, and China Copper Scrap demand is expected to rise due to surging EV output and power investment; Copper Scrap prices are expected to hit new highs in the coming days. Meanwhile, the announcement of tightening copper supply in major mines in Chile and Peru has caused investors to purchase Copper Scrap, which is seen as a positive sign for Copper Scrap prices to rise in the coming days. Copper Scrap prices in the United States today are at, Copper No.1 Scrap Prices (US): 3.10 USD/Lbs Copper No.2 Scrap Prices (US): 2.71 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): 4.38 CAD/Lbs No.2 Copper Scrap Prices (Canada): 4.13 CAD/Lbs No.3 Copper Scrap Prices (Canada): 4.05 CAD/Lbs Hard Brass Scrap Prices (Canada): 3.30 CAD/Lbs Copper Radiators Scrap Prices (Canada): 2.31 CAD/Lbs Subscribe Current Scrap Metal Prices and Daily Scrap Prices to access Copper Scrap prices on WhatsApp; sign up now to receive daily Copper Scrap prices in seconds. Latest Copper Scrap Offers at RIM Copper Scrap Sell Offer Copper Cable Scrap 99.99% "Copper Millberry Wire Scrap" Available in the United States Copper Scrap Buy Offer "Copper Cathode" - Huge Tons Required Wanted: "Copper Millberry Wire Scrap" of 50 MT

Copper Scrap prices have fallen for more than three weeks due to growing demand growth concerns in China due to renewed COVID-19 lockdowns and new covid cases being added on a daily basis. Meanwhile, the US dollar index fell further on expectations that the US Federal Reserve will raise interest rates by a smaller amount this week.

Copper prices in the US futures are hitting 3-week lows and are today trading at $3.56 per pound, down 2.47% from the previous closing price. Copper prices are almost 25% down from March's record highs of around $4.94/Lbs.

China faces many new covid cases despite a strict zero-COVID policy, particularly in industrial hubs. Over the last three years, the zero-COVID policy has resulted in several lockdown measures that have severely disrupted economic activity and people movement.

The new covid curbs are significantly impacting China's commodity imports, hurting Copper Scrap prices and raising the prospect of weakening demand. As China experiences covid curbs in the early third quarter, investors expected China to return to the market in the fourth quarter. Still, things appear to be worsening in the final days of 2022, creating yet another headwind to economic growth.

Copper Scrap prices have fallen nearly 20% this year since their all-time highs in March, as slowing global economic growth, caused by rising inflation and interest rates, has weighed on Scrap metals and Copper Scrap demand.

Looking at the other major economies; the US economy grew in the fourth quarter, and now investors' attention is focused on the US Nonfarm payrolls data that will be released on Friday, which will clearly show whether interest rates are rising at a slower pace in the US.

However, the unemployment rate increased to 3.7% in October, up from 3.5% in September, while annual growth in average hourly earnings slowed to 4.7%, down from 5% the previous month. More recently, new unemployment claims increased to 240,000 on November 19, the highest total since August.

Continued labor market strength gives the Fed enough leeway to keep raising interest rates, which is a bad signal for scrap metal markets in developing economies. Signals from the Fed that interest rates will be raised at a slower pace in the coming months were viewed positively, causing the dollar index to trade lower and Copper Scrap prices to trade higher.

Imports from the United States, Japan, and Thailand have risen, but imports from Malaysia are down, according to import statistics. So, in the fourth quarter, all the growing major economies are slowly recovering from geopolitical issues, and Copper Scrap prices are expected to rise in 2023.

Technically, the Copper Scrap market is under pressure and keeps trading at lower levels. And US interest rates are to be slow in the coming days, and China Copper Scrap demand is expected to rise due to surging EV output and power investment; Copper Scrap prices are expected to hit new highs in the coming days.

Meanwhile, the announcement of tightening copper supply in major mines in Chile and Peru has caused investors to purchase Copper Scrap, which is seen as a positive sign for Copper Scrap prices to rise in the coming days.

Copper Scrap prices in the United States today are at,

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

Copper No.2 Scrap Prices (US): 2.71 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): 4.38 CAD/Lbs

No.2 Copper Scrap Prices (Canada): 4.13 CAD/Lbs

No.3 Copper Scrap Prices (Canada): 4.05 CAD/Lbs

Hard Brass Scrap Prices (Canada): 3.30 CAD/Lbs

Copper Radiators Scrap Prices (Canada): 2.31 CAD/Lbs

Subscribe Current Scrap Metal Prices and Daily Scrap Prices to access Copper Scrap prices on WhatsApp; sign up now to receive daily Copper Scrap prices in seconds.

Latest Copper Scrap Offers at RIM

Copper Scrap Sell Offer

Copper Cable Scrap 99.99%

"Copper Millberry Wire Scrap" Available in the United States

Copper Scrap Buy Offer

"Copper Cathode" - Huge Tons Required

Wanted: "Copper Millberry Wire Scrap" of 50 MT

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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