Copper Scrap Prices: Weekly Market Report- 5th July, 2024

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (28^th June, 2024 to 4^th July, 2024) on the Scrap Monster Price Index.

North America Prices

The copper scrap prices in the region recorded increase across the board.

The biggest surge in prices over the prior week was witnessed in Xmas Lights, whose prices edged higher from $0.23 per Lb to $0.24 per Lb, registering week-on-week surge by 4.35%. The other copper scrap varieties to record notable increase in prices include #3 Copper- Light Copper and #2 Copper Wire and Tubing, which recorded substantial price surge by 3.81% and 3.71% respectively.

The weekly price movement for Xmas Lights is shown in the below graph:

Meantime, the prices of #1 Insulated Copper Wire 85% Recovery, Heater Cores, Romex Wire, #2 Insulated Copper Wire 50% Recovery and Harness Wire 35% Recovery recorded minimal increase during the week ended 4^th July, 2024, when matched with the week before.

USA East Coast Prices

The prices of all copper scrap categories witnessed remarkable surge in the region. Xmas Lights prices posted the biggest increase over the week, recording surge from $0.23 per Lb to $0.24 per Lb.

#3 Copper- Light Copper prices were up by 3.81% over the week, rising from $3.94 per Lb to $4.09 per Lb.

The variation in prices over the week for #3 Copper- Light Copper is given in the below chart:

A modest surge in prices by 3.71% and 3.62% was seen in #2 Copper Wire and Tubing and #1 Copper Wire and Tubing respectively over the week.

The other scrap copper category that recorded noteworthy increase in prices was #1 Copper Bare Bright, whose prices recorded increase by 3.54% each over the previous week.

The prices of #1 Insulated Copper Wire 85% Recovery and Romex Wire registered the least surge on Index.

USA Midwest Prices

The copper scrap prices in the region recorded increase across the board.

The biggest increase of 4.55% in prices over the prior week was witnessed in Xmas Lights, whose prices edged higher from $0.22 per Lb to $0.23 per Lb. The other copper scrap varieties to record notable increase in prices include #3 Copper- Light Copper and #2 Copper Wire and Tubing, which recorded substantial price increase by 3.83% and 3.73% respectively.

Meantime, the prices of #1 Insulated Copper Wire 85% Recovery and Romex Wire recorded lowest increase in prices, when matched with the week before.

USA West Coast Prices

The copper scrap metal prices in the region witnessed noticeable increase week-on-week.

The scrap categories to record biggest increase in prices from the previous week were Xmas Lights, #3 Copper- Light Copper and #2 Copper Wire and Tubing.

Also, #1 Copper Bare Bright, Cu/Al Radiators, Cu/Al Radiators/Fe, Cu Yokes, Alternator, Copper Transformer Scrap, Scrap Electric Motors, Sealed Units and Starters recorded modest positive price variation during the week.

A marginal increase in prices were reported in Copper Radiators, #2 Insulated Copper Wire 50% Recovery, Heater Cores, Romex Wire, #1 Insulated Copper Wire 85% Recovery, Harness Wire 35% Recovery and Cu/Al Radiator Ends week-over-week. 

China Prices

All copper scrap categories witnessed weekly price increase.

#2 Copper Wire and Tubing and #1 Copper Wire and Tubing recorded biggest surge in prices during the previous week.

The weekly price chart of #2 Copper Wire and Tubing is provided below:

The #2 Copper Wire and Tubing prices edged higher by 5%, rising from CNY 72,000 per MT to CNY 75,600 per MT each. 

#1 Copper Wire and Tubing reported increase in prices by CNY 1,600 per MT, from CNY 73,000 per MT during the start of the week to end at $74,600 per MT. 

Harness Wire 35% Recovery reported least increase in prices over the previous week. The prices of the commodity surged higher by 0.57% week-on-week.

India Prices

The scrap commodities in Indian market saw their prices edge higher over the prior week.

The copper sheet cutting scrap prices were up sharply by INR 11,000 per ton over the previous week to close at INR 534,000 per ton on 4^th July, 2024 on the Scrap Monster Index. The weekly chart of the commodity is provided below:

The prices of Copper Armature, Copper cable scrap, Copper heavy scrap, Copper utensil scrap and Copper wire bars too increased during the week ended 4^th July, 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 held steady during the course of the week.

The chart given below depicts the weekly price movement in Braziery Copper:

LME Copper Market Update

Meantime, the closing price of LME Copper 3-Month contract stood at USD 9,871 per tonne as on 4^th July, 2024. The LME Copper Cash Settlement contract prices increased modestly from $9,623.00 a day before to $9,726.50 per tonne.

The LME Copper stocks saw modest decline over the previous day to close at 186,275 tonnes on 4^th July, 2024, as compared with 186,450 tonnes on 3^rd July, 2024.

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