Copper Scrap Prices: Weekly Market Report- November 22, 2024

The closing price of LME Copper 3-Month contract stood at USD 9,064.00 per tonne as of November 21, 2024.

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (November 15 to November 21, 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 increase over the previous week, going up from $3.57 per pound to $3.62 per pound.

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

The other copper scrap varieties to record jump in prices include #2 Copper Wire and Tubing , #1 Copper Wire and Tubing and #1 Copper Bare Bright, which recorded price increase by 1.36%, 1.33% and 1.29% respectively.

The prices of Copper Radiators, #1 Insulated Copper Wire 85% Recovery, #2 Insulated Copper Wire 50% Recovery, Harness Wire 35% Recovery, Heater Cores and Romex Wire also registered week-on-week jump decline during the week ended November 21, 2024.

The prices of Xmas Lights, Starters, Sealed Units, Scrap Electric Motors, Cu/Al Radiators/Fe, Cu/Al Radiator Ends, Cu Yokes, Copper Transformer Scrap, Alternator and Cu/Al Radiators held steady on the Index.

USA East Coast Prices

The majority of copper scrap categories recorded no change in price in the region. However, a few commodities saw increase in prices. #3 Copper- Light Copper prices recorded biggest increase over the week, recording a jump from $3.57 per Lb to $3.62 per Lb. A modest increase of 1.36% and 1.33% 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 categories that recorded upward movement in prices were #1 Copper Bare Bright, Copper Radiators, #1 Insulated Copper Wire 85% Recovery, #2 Insulated Copper Wire 50% Recovery, Harness Wire 35% Recovery, Heater Cores and Romex Wire.

In the meantime, all other scrap varieties held steady over the week.

USA Midwest Prices

The copper scrap prices in the region mostly edged higher over the previous week.

The top three gainers 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 $3.52 per Lb, up from the previous week’s price of $3.47 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices recorded marginal increase over the previous week to close at $3.62 per Lb and $3.72 per Lb respectively.

#1 Insulated Copper Wire 85% Recovery posted the least increase over the week, rising by 0.59% week-on-week.

In the meantime, Xmas Lights, Starters, Sealed Units, Scrap Electric Motors, Cu/Al Radiators/Fe, Cu/Al Radiator Ends, Cu Yokes, Copper Transformer Scrap, Alternator and Cu/Al Radiators witnessed no change in prices on the Index.

USA West Coast Prices

The copper scrap metal prices in the region was a mixed bag, with prices of most categories registering increase on the Index. However a few copper scrap categories held steady when matched with the previous week’s prices.

The scrap category to increase the most was #3 Copper- Light Copper, whose prices inched higher from $3.64 per Lb at the start of the week to $3.69 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 increase by 1.34% and 1.30% respectively.

Also, #1 Copper Bare Bright recorded weekly increase, with prices rising from $3.94 per Lb during the prior week to $3.99 per Lb as of November 21, 2024.

China Prices

Almost all of the copper scrap categories, except a few, witnessed weekly price increase.

#1 Insulated Copper Wire 85% Recovery recorded the biggest jump in prices during the previous week.

The #1 Insulated Copper Wire 85% Recovery prices edged higher from CNY 24,800 per MT to CNY 24,900 per MT during the week. The weekly price chart of #1 Insulated Copper Wire 85% Recovery is provided below:

#2 Copper Wire and Tubing reported increase in prices by CNY 700 per MT, edging higher from CNY 68,050 per MT during the start of the week to end at $68,750 per MT. 

#1 Copper Wire and Tubing also reported 1.01% rise in prices over the week.

Also, #1 Copper Bare Bright, Heater Cores, Cu/Al Radiators, #2 Insulated Copper Wire 50% Recovery, Cu Yokes, and Harness Wire 35% Recovery were up on the Index.

In the meantime, Copper Transformer Scrap, Scrap Electric Motors, and Sealed Units held steady over the previous day’s prices.

India Prices

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

The copper sheet cutting prices jumped by INR 18,000 per Ton to INR 495,000 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 November 21, 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 Radiators:

LME Copper Market Update

The closing price of LME Copper 3-Month contract stood at USD 9,064.00 per tonne as of November 21, 2024. The LME Copper Cash Settlement contract inched lower marginally from $9,022.00 a day before to $8,945.50 per tonne.

The LME Copper stocks inched higher marginally over the previous day to close at 272,625 tonnes as of November 21, 2024, when compared with 271,850 tonnes a day before.

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