The LME Copper Cash Settlement contract edged higher marginally from $7,943.50 a day before to $7,995.00 per tonne.
SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (15th September, 2023 to 21st September, 2023) on the Scrap Monster Price Index.
The copper scrap prices in the region displayed mixed trend.
The biggest dip in prices over the prior week was witnessed in #3 Copper- Light Copper, whose prices edged lower from $3.23 per Lb to $3.17 per Lb. The other copper scrap varieties to record notable decline in prices include #2 Copper Wire and Tubing and #1 Copper Wire and Tubing, which recorded price declines by 1.80% and 1.75% respectively.
The weekly price movement for #3 Copper- Light Copper is shown in the below graph:
The prices of Xmas Lights, Starters, Sealed Units, Scrap Electric Motors, Romex Wires, Heater Cores, Harness Wire 35% Recovery, Cu/Al Radiator/Fe, Cu/Al Radiator Ends, Cu Yokes, Copper Transformer Scrap, #2 Insulated Copper Wire 50% Recovery, Alternator and Cu/Al Radiators witnessed no change on Scrap Monster Index.
The prices of a few copper scrap categories witnessed decline in the region. #3 Copper- Light Copper prices recorded biggest drop over the week, recording decline from $3.23 per Lb to $3.17 per Lb. A modest dip by 1.80% and 1.75% 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 scrap copper categories that recorded nominal decline in prices included #1 Copper Bare Bright, Copper Radiators and #1 Insulated Copper Wire 85% Recovery.
The copper scrap prices in the region recorded marginal decline 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 $3.16 per Lb, down from the previous week price of $3.22 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices declined over the previous week to close at $3.26 per Lb and $3.36 per Lb respectively.
#1 Insulated Copper Wire 85% Recovery posted the least decline over the week.
Meantime, Xmas Lights, Starters, Sealed Units, Scrap Electric Motors, Romex Wires, Heater Cores, Harness Wire 35% Recovery, Cu/Al Radiator/Fe, Cu/Al Radiator Ends, Cu Yokes, Copper Transformer Scrap, #2 Insulated Copper Wire 50% Recovery, Alternator and Cu/Al Radiators witnessed no change on Index.
The copper scrap metal prices in the region was a mixed bag, with prices of some categories registering week-on-week decline. However a few copper scrap categories recorded stable prices.
The scrap category to fall the most was #3 Copper- Light Copper, whose prices recorded decline from $3.32 per Lb at the start of the week to $3.26 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 1.75% and 1.70% respectively.
Meantime, the prices of #1 Copper Bare Bright, Copper Radiators and #1 Insulated Copper Wire 85% Recovery recorded marginal dip in prices during the week.
The prices of all copper scrap categories witnessed weekly price decline, upon comparison with the prior week.
Sealed Units recorded sharpest declines during the previous week.
The Sealed Units prices edged lower from CNY 6,850 per MT to CNY 6,750 per MT each.
The weekly price chart of Sealed Units is provided below:
Also, Scrap Electric Motors reported decline in prices by CNY 100 per MT, from CNY 7,000 per MT during the start of the week to end the week at $6,900 per MT.
Copper Transformer Scrap too reported 0.86% dip in prices over the week.
Cu/Al Radiators and #2 Insulated Copper Wire 50% Recovery recorded the least decline in prices over the week. The prices of these commodities inched lower by 0.40% and 0.41% respectively.
The scrap commodities in Indian market recorded surge from previous week price levels.
The copper sheet cutting prices increased by INR 4,000 per Ton to INR 374,000 per Ton over the prior week.
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 increase during the week ended 12th October, 2023.
The weekly chart of Copper sheet cutting is provided below:
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 Braziery Copper:
LME Copper Market Update
The closing price of LME Copper 3-Month contract stood at USD 8,070.00 per tonne as on 12th October, 2023. The LME Copper Cash Settlement contract edged higher marginally from $7,943.50 a day before to $7,995.00 per tonne.
The LME Copper stocks surged higher modestly over the previous day to close at 181,150 tonnes on 12th October, 2023, as compared with 179,675 tonnes on 11th October, 2023.
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