Copper Scrap Prices: Weekly Market Report- 26th May, 2023

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (19^th May, 2023 to 25^th May, 2023) on the Scrap Monster Price Index.

North America Prices

The copper scrap prices in the region displayed mixed trend.

The biggest dip in prices over the prior week was witnessed in Cu/Al Radiators/Fe, whose prices edged lower from $1.49 per Lb to $1.42 per Lb. The other copper scrap varieties to record notable decline in prices include #3 Copper- Light Copper and #2 Copper Wire and Tubing, which recorded price declines by 3.61% and 3.51% respectively.

The weekly price movement for Cu/Al Radiators/Fe is shown in the below graph:

The prices of Xmas Lights, Alternator, Starters, Sealed Units, Scrap Electric Motors, Cu/Al Radiator Ends, Cu Yokes and Copper Transformer Scrap witnessed no change on Scrap Monster Index.

USA East Coast Prices

The prices of most copper scrap categories witnessed decline in the region. Cu/Al Radiators/Fe prices recorded biggest drop over the week, recording decline from $1.49 per Lb to $1.42 per Lb. A modest dip by 3.61% and 3.51% was seen in #3 Copper- Light Copper and #2 Copper Wire and Tubing respectively over the week.

The below chart displays the variation in prices of #3 Copper- Light Copper over the previous week:

The scrap copper categories that recorded nominal decline in prices included Copper Radiators, #1 Insulated Copper Wire 85% Recovery, Harness Wire 35% Recovery, Romex Wire and #2 Insulated Copper Wire 50% Recovery.

USA Midwest Prices

The copper scrap prices in the region mostly edged lower over the previous week. The top three losers were Cu/Al Radiators/Fe, #3 Copper- Light Copper and #2 Copper Wire and Tubing.

The Cu/Al Radiators/Fe prices ended the week at $1.40 per Lb, down from the previous week price of $1.47 per Lb. Also, #3 Copper- Light Copper and #2 Copper Wire and Tubing prices declined over the previous week to close at $3.19 per Lb and $3.29 per Lb respectively.

Romex Wire posted the least decline over the week.

Meantime, Xmas Lights, Alternator, Starters, Sealed Units, Scrap Electric Motors, Cu/Al Radiator Ends, Cu Yokes and Copper Transformer Scrap 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 week-on-week decline. However a few copper scrap categories recorded stable prices.

The scrap category to fall the most was Cu/Al Radiators/Fe, whose prices recorded decline from $1.49 per Lb at the start of the week to $1.42 per Lb towards the end of the week. It was followed by #3 Copper- Light Copper and #2 Copper Wire and Tubing, which recorded price declines by 3.52% and 3.42% respectively.

Meantime, the prices of Xmas Lights, Alternator, Starters, Sealed Units, Scrap Electric Motors, Cu/Al Radiator Ends, Cu Yokes and Copper Transformer Scrap remained unchanged on Index. 

China Prices

The prices of all copper scrap categories witnessed weekly price decline, upon comparison with the prior week.

#2 Copper Wire and Tubing and #1 Copper Wire and Tubing recorded sharpest declines during the previous week.

The #2 Copper Wire and Tubing prices edged lower from CNY 59,700 per MT to CNY 57,750 per MT each. 

#1 Copper Wire and Tubing reported decline in prices by CNY 1,950 per MT, from CNY 60,700 per MT during the start of the week to end the week at $58,750 per MT. 

The weekly price chart of #1 Copper Wire and Tubing is provided below:

#1 Insulated Copper Wire 85% Recovery too reported 2.65% dip in prices over the week.

Harness Wire 35% Recovery and Cu Yokes recorded the least decline in prices over the week. The prices of these commodities inched lower by 0.6% each.

India Prices

The scrap commodities in Indian market recorded decline from previous week price levels.

The copper sheet cutting prices dipped by INR 28,000 per Ton to INR 370,000 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 notable decline during the week ended 25^th May, 2023.

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 stable during the course of the week.

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

LME Copper Market Update

The closing price of LME Copper 3-Month contract stood at USD 7,960.00 per tonne as on 25^th May, 2023. The LME Copper Cash Settlement contract edged higher marginally from $7,910.00 a day before to $7,922.00 per tonne.

The LME Copper stocks surged higher over the previous day to close at 96,950 tonnes on 25^th May, 2023, as compared with 96,675 tonnes on 24^th May, 2023.

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