"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)
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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
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