Scrap Copper Prices: Weekly Market Report- 19th May, 2023

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (12^th May, 2023 to 18th 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 #3 Copper- Light Copper, whose prices edged lower from $3.32 per Lb to $3.29 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 0.88% and 0.85% respectively.

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

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

USA East Coast Prices

The prices of most copper scrap categories witnessed decline in the region. #3 Copper- Light Copper prices recorded biggest drop over the week, recording decline from $3.32 per Lb to $3.29 per Lb. A modest dip by 0.88% and 0.85% was seen in #2 Copper Wire and Tubing and #1 Copper Wire and Tubing respectively over the week.

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

The below chart displays the variation in prices of Copper Radiators over the previous week:

USA Midwest Prices

The copper scrap prices in the region mostly edged lower 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 $3.28 per Lb, down from the previous week price of $3.31 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices declined over the previous week to close at $3.38 per Lb and $3.48 per Lb respectively.

Copper Radiators posted the least decline over the week.

Meantime, Xmas Lights, Alternator, Starters, Sealed Units, Scrap Electric Motors, Cu/Al Radiators/Fe, Cu/Al Radiator Ends, Cu Yokes, Copper Transformer Scrap 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 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 $3.41 per Lb at the start of the week to $3.38 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 0.85% and 0.83% respectively.

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

China Prices

The prices of certain copper scrap categories witnessed weekly price surge, while those of the remaining held steady week-on-week.

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

The #2 Copper Wire and Tubing prices edged higher from CNY 58,570 per MT to CNY 59,750 per MT each. 

#1 Copper Wire and Tubing reported surge in prices by CNY 1,000 per MT, from CNY 59,750 per MT during the start of the week to end the week at $60,750 per MT.  #1 Insulated Copper Wire 85% Recovery too reported 1.58% surge in prices over the week.

The weekly price chart of Cu/Al Radiators, whose prices recorded least surge during the week, is provided below. The prices of the commodity were up by 0.81%.

India Prices

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

The copper sheet cutting prices dipped by INR 9,000 per Ton to INR 394,000 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 no change during the week ended 18^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 Braziery Copper:

LME Copper Market Update

The closing price of LME Copper 3-Month contract stood at USD 8,217.00 per tonne as on 18^th May, 2023. The LME Copper Cash Settlement contract dipped lower marginally from $8,176.00 a day before to $8,171.50 per tonne.

The LME Copper stocks surged higher over the previous day to close at 90,525 tonnes on 18^th May, 2023, as compared with 86,625 tonnes on 17^th May, 2023.

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