Copper Scrap Prices: Weekly Market Report- October 4, 2024

The closing price of LME Copper 3-Month contract stood at USD 9,935.00 per tonne as of October 3, 2024.

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (September, 27 to October 3, 2024) on the Scrap Monster Price Index.

North America Prices

The copper scrap prices in the region displayed mixed trend.

#3 Copper- Light Copper saw the largest price decrease over the previous week, going down from $4.09 per pound to $4.05 per pound.

The weekly price movement for #3 Copper- Light Copper is shown in the below graph:

The other copper scrap varieties to record decline in prices include #2 Copper Wire and Tubing and #1 Copper Wire and Tubing, which recorded price declines by 0.95% and 0.93% respectively.

The prices of Xmas Lights, Starters, Sealed Units, Scrap Electric Motors, Romex Wire, Heater Cores, and Harness Wire 35% Recovery were flat on the Index.

Also, Cu/Al Radiators/Fe, Cu/Al Radiator Ends, Cu/Al Radiators, Cu Yokes, Copper Transformer Scrap, Copper Radiators, #2 Insulated Copper Wire 50% Recovery, #1 Insulated Copper Wire 85% Recovery, Alternator, and Cu/Al Radiators recorded no variation from the previous day’s prices on the Scrap Monster Index.

USA East Coast Prices

The majority of copper scrap categories recorded no change in price in the region. However, a few commodities saw dip in prices. #3 Copper- Light Copper prices recorded biggest drop over the week, recording a decline from $4.09 per Lb to $4.05 per Lb. A marginal decline of 0.95% and 0.93% was seen in #2 Copper Wire and Tubing and #1 Copper Wire and Tubing respectively over the week.

The below chart displays the variation in prices of #2 Copper Wire and Tubing over the previous week:

The other scrap copper category that recorded nominal decline in prices was #1 Copper Bare Bright, whose prices were down from $4.39 per Lb a week before to $4.35 per Lb as of October 3, 2024.

Meanwhile, all other scrap varieties held steady over the week.

USA Midwest Prices

The copper scrap prices in the region mostly remained flat over the previous week.

The top three losers were #3 Copper- Light Copper, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing.

The #3 Copper- Light Copper prices ended the week at $3.95 per Lb, down from the previous week’s price of $3.99 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices declined over the previous week to close at $4.05 per Lb and $4.15 per Lb respectively.

#1 Copper Bare Bright posted the least decline over the week, falling by 0.93% week-on-week.

Meantime, all other copper scrap varieties including Xmas Lights, Starters, Sealed Units, Scrap Electric Motors, Romex Wire, Heater Cores, Harness Wire 35% Recovery, Cu/Al Radiators/Fe, Cu/Al Radiator Ends, Cu/Al Radiators, Cu Yokes, Copper Transformer Scrap, Copper Radiators, #2 Insulated Copper Wire 50% Recovery, #1 Insulated Copper Wire 85% Recovery, Alternator, and Cu/Al Radiators witnessed no change on Index.

USA West Coast Prices

The copper scrap metal prices in the region was a mixed bag, with prices of most categories registering no variation on the Index. However a few copper scrap categories recorded decline in prices.

The scrap category to fall the most was #3 Copper- Light Copper, whose prices recorded decline from $4.16 per Lb at the start of the week to $4.12 per Lb towards the end of the week. It was followed by #2 Copper Wire and Tubing and #1 Copper Wire and Tubing, which recorded price declines by 0.94% and 0.92% respectively.

Also, #1 Copper Bare Bright recorded weekly dip, with prices falling from $4.46 per Lb during the prior week to $4.42 per Lb as of October 3, 2024.

China Prices

A few categories of copper scrap held steady on the Index. The rest displayed increase in prices when compared with the previous week.

#2 Copper Wire and Tubing recorded the largest increase during the previous week. The price of the commodity registered 0.14% jump week-on-week, rising from CNY 73,100 per MT to CNY 73,200 per MT.

The prices of #1 Insulated Copper Wire 85% Recovery, #1 Copper Wire and Tubing, and #1 Copper Bare Bright also were down on the Index.

Meanwhile, the prices of Cu/Al Radiators, #2 Insulated Copper Wire 50% Recovery, Copper Transformers Scrap, Cu Yokes, Harness Wire 35% Recovery, Heater Cores, Scrap Electric Motors, and Sealed Units were unchanged over the week.

The weekly price chart of Harness Wire 35% Recovery is provided below:

India Prices

The scrap commodities in Indian market recorded increase from the previous week's price levels.

The copper sheet cutting prices increased by INR 6,000 per Ton to INR 524,000 per Ton over the prior week. The weekly chart of the commodity is provided below:

The prices of Copper Armature, Copper cable scrap, Copper heavy scrap, Copper sheet cutting, Copper utensil scrap, and Copper wire bars (HCL*) too witnessed marginal increase during the week ending October 3, 2024.

Europe Prices

The prices of all copper scrap commodities such as #1 Copper Bare Bright, #1 Copper Wire and Tubing, #1 Insulated Copper Wire 85% Recovery, #2 Copper Wire and Tubing, Braziery Copper, Copper Dry Bright, Copper radiators, and Copper Tubes were steady during the course of the week.

The chart provided below depicts the weekly price change in Copper Tube:

LME Copper Market Update

The closing price of LME Copper 3-Month contract stood at USD 9,935.00 per tonne as of October 3, 2024. The LME Copper Cash Settlement contract inched lower marginally from $9,882.50 a day before to $9,786.00 per tonne.

The LME Copper stocks declined marginally over the previous day to close at 298,100 tonnes as of October 3, 2024, when compared with 300,275 tonnes a day before.

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