Scrap Copper Prices: Weekly Market Report- 1st March, 2024
Market Reports | 2024-03-01 11:46:13
The closing price of LME Copper 3-Month contract stood at USD 8,475.00 per tonne as on 29th February, 2024.
By Paul Ploumis
SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (23rd to 29th February, 2024) 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 Xmas Lights, whose prices edged lower from $0.23 per Lb to $0.22 per Lb. Over the prior week, the prices registered decline by 4.35%. The other copper scrap varieties to record notable decline in prices include Sealed Units and Starters, which recorded price declines by 2.94% and 2.86% respectively.
The weekly price movement for Xmas Lights is shown in the below graph:
The prices of Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu/Al Radiator Ends and Cu/Al Radiators/Fe witnessed no change on Scrap Monster Index.
USA East Coast Prices
The prices of a few copper scrap categories witnessed decline in the region. Xmas Lights prices recorded biggest drop over the week, recording decline from $0.23 per Lb to $0.22 per Lb. A notable dip by 2.94% and 2.86% was seen in Sealed Units and Starters respectively over the week.
The below chart displays the variation in prices of Sealed Units over the previous week:
The scrap copper categories that recorded nominal decline in prices included #1 Insulated Copper Wire 85% Recovery, #2 Insulated Copper Wire 50% Recovery and Romex Wire.
Meantime, the prices of Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu/Al Radiator Ends and Cu/Al Radiators/Fe held steady over the previous week.
USA Midwest Prices
The copper scrap prices in the region recorded marginal decline over the previous week. The top three losers were Xmas Lights, Sealed Units and Starters.
The Xmas Lights prices ended the week at $0.21 per Lb, down from the previous week price of $0.22 Lb, thus registering a week-on-week decline by 4.55%. Also, Sealed Units and Starters prices declined over the previous week to close at $0.32 per Lb and $0.33 per Lb respectively.
#1 Insulated Copper Wire 85% Recovery posted the least decline over the week.
The prices of Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu/Al Radiator Ends and Cu/Al Radiators/Fe witnessed no change on Index.
USA West Coast Prices
The copper scrap metal prices in the region was a mixed bag, with prices of majority categories registering week-on-week decline. However some of the copper scrap categories recorded stable prices.
The scrap category to fall the most was Xmas Lights, whose prices recorded decline from $0.23 per Lb at the start of the week to $0.22 per Lb towards the end of the week. It was followed by Sealed Units and Starters, which recorded price declines by 2.94% and 2.86% respectively.
The prices of Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu/Al Radiator Ends and Cu/Al Radiators/Fe held steady on Scrap Monster Index.
China Prices
The prices of most 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 63,250 per MT to CNY 62,950 per MT each.
Also, #1 Copper Wire and Tubing reported decline in prices by CNY 300 per MT, from CNY 64,250 per MT during the start of the week to end the week at $63,950 per MT.
#1 Copper Bare Bright too reported 0.44% dip in prices over the week.
Heater Cores, #1 Insulated Copper Wire 85% Recovery, #2 Insulated Copper Wire 50% Recovery and Cu/Al Radiators also were down over the week.
The weekly price chart of Cu/Al Radiators, which recorded the least weekly decline, is provided below:
India Prices
The scrap commodities in Indian market recorded no change from previous week price levels.
The Copper sheet cutting prices remained unchanged at INR 392,000 per Ton during the 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 modest decline during the week ended 11th January, 2024.
The weekly chart of Copper heavy scrap is provided below:
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 #1 Copper Wire and Tubing:
LME Copper Market Update
The closing price of LME Copper 3-Month contract stood at USD 8,475.00 per tonne as on 29th February, 2024. The LME Copper Cash Settlement contract edged higher modestly from $8,340.50 a day before to $8,389.00 per tonne.
The LME Copper stocks declined marginally over the previous day to close at 122,675 tonnes on 29th February, 2024, as compared with 124,825 tonnes on 28th February, 2024.
