Copper Scrap Prices: Weekly Market Update- 8th December, 2022

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper markets across the globe during the past week (2^nd December, 2022 to 8^th December, 2022) on the Scrap Monster Price Index.

North America Prices

The prices exhibited mixed trend.

The biggest jump in prices over the prior week was witnessed in #3 Copper- Light Copper, whose prices edged higher from $3.45 per Lb to $3.47 per Lb. The other copper scrap varieties to record notable increase in prices include #2 Copper Wire and Tubing and #1 Copper Wire and Tubing, which recorded surge in prices by 0.56% and 0.55% respectively.

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

 The prices of Harness Wire 35% Recovery, Heater Cores, Romex Wire and #2 Insulated Copper Wire 50% Recovery held steady on Index.

USA East Coast Prices

The prices of a few copper scrap categories sustained rising trend in the region. #3 Copper- Light Copper prices recorded biggest increase over the week, registering surge from $3.45 per Lb to $3.47 per Lb. A modest surge by 0.56% and 0.55% was seen in #2 Copper Wire and Tubing and #1 Copper Wire and Tubing over the week.

The scrap copper categories that recorded nominal increase in prices included Harness Wire 35% Recovery, Heater Cores, Romex Wire and #2 Insulated Copper Wire 50% Recovery.

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 $3.38 per Lb, up from the previous week price of $3.36 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices increased over the previous week to $3.48 per Lb and $3.58 per Lb respectively.

Harness Wire prices recorded decline over the week. The price chart for Harness Wire 35% Recovery for the week is provided below:

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 increase.

The scrap category to rally the most was #3 Copper- Light Copper, whose prices recorded surge from $3.46 per Lb at the start of the week to $3.48 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 increases by 0.56% and 0.55% respectively.

Meantime, prices of Harness Wire 35% Recovery, Heater Cores, Romex Wire and #2 Insulated Copper Wire 50% Recovery witnessed marginal declines over the week.

China Prices

Sealed Units and Scrap Electric Motors prices gained the most during the previous week.

The Sealed Units prices jumped higher from CNY 6,650 per MT to CNY 6,700 per MT each. 

The weekly price chart of Sealed Units is provided below:

Copper Transformer Scrap recorded a jump in price by CNY 50 per MT, from CNY 11,400 per MT during the start of the week to end the week at $11,450 per MT.  #2 Insulated Copper Wire 50% Recovery too reported 0.21% surge in prices over the week.

The copper scrap categories that recorded no change in prices over the previous week included #1 Copper Bare Bright, #1 Copper Wire and Tubing, #1 Insulated Copper Wire 85% Recovery, #2 Copper Wire and Tubing, Cu Yokes and Harness Wire 35% Recovery.

India Prices

The scrap commodity to register biggest change in prices was Copper sheet cutting, the prices of which surged to INR 382,000 per ton towards the end of the week, as compared with INR 366,000 per ton at the beginning of the week, as shown in the below chart.

 A strong jump in prices by 2.36% each was recorded in Copper heavy scrap and Copper armature prices too.

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 ended the week unchanged.

LME Copper Market Update

Meantime, the closing price of LME Copper 3-Month contract stood at USD 8,547.00 per tonne as on 8^th December, 2022. The LME Copper Cash Settlement contract surged higher from $8,334.00 a day before to $8,537.00 per tonne.

The LME Copper stocks declined over the previous day to close at 87,375 tonnes on 8^th December, 2022, as compared with 88,475 tonnes on 7^th December, 2022.

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