Scrap Copper Prices: Weekly Market Report- 20th October, 2023
Market Reports | 2023-10-20 07:58:13
Meantime, the closing price of LME Copper 3-Month contract stood at USD 8,005.00 per tonne as on 19th October, 2023.
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 (13th to 19th October, 2023) on the Scrap Monster Price Index.
North America Prices
The copper scrap prices in the region recorded increase, when matched with the week before that.
The biggest increase in prices over the prior week was witnessed in #3 Copper- Light Copper, whose prices edged higher from $3.16 per Lb to $3.20 per Lb.
The below chart represents the weekly price movement in #3 Copper- Light Copper.
The other copper scrap varieties to record notable surge in prices include #2 Copper Wire and Tubing and #1 Copper Wire and Tubing, which recorded modest price increases by 1.23% and 1.19% respectively.
The prices of #1 Copper Bare Bright too increased over the prior week. The prices recorded increase by $0.04 per Lb, surging higher from $3.46 per Lb at the start of the week to end the week at $3.50 per Lb.
Meantime, the prices of all other scrap copper commodities recorded no change when compared with the previous week.
USA East Coast Prices
The prices of certain copper scrap categories witnessed marginal increase in the region. #3 Copper- Light Copper prices posted the biggest surge over the week, recording increase from $3.16 per Lb to $3.20 per Lb.
A notable surge by 1.23% and 1.19% was seen in #2 Copper Wire and Tubing and #1 Copper Wire and Tubing respectively over the week.
The weekly price variation in #2 Copper Wire and Tubing is depicted in the below graph:
The other scrap copper category that recorded noteworthy jump in prices was #1 Copper Bare Bright, whose prices recorded week-on-week increase by 1.16%.
The rest of the scrap commodities reported no change in prices over the previous week.
USA Midwest Prices
The copper scrap prices in the region 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 $3.19 per Lb, up from the previous week price of $3.15 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices surged over the previous week to close at $3.29 per Lb and $3.39 per Lb respectively.
The prices of #1 Copper Bare Bright too posted modest increase over the week.
USA West Coast Prices
The copper scrap metal prices in the region witnessed nominal jump week-on-week.
The scrap categories to record largest increase in prices from the previous week were #3 Copper- Light Copper, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing.
Meantime, prices of Cu/Al Radiators, Alternator, #1 Insulated Copper Wire 85% Recovery, #2 Insulated Copper Wire 50% Recovery, Copper Radiators, Copper Transformer Scrap, Cu Yokes, Cu/Al Radiator Ends, Cu/Al Radiators/Fe, Harness Wire 35% Recovery, Heater Cores, Romex Wire, Scrap Electric Motors, Sealed Units, Starters and Xmas Lights maintained prior week’s price levels.
China Prices
All copper scrap categories, except Copper Transformer Scrap, Cu Yokes, Scrap Electric Motors and Sealed Units recorded increase on Index, when compared with the week before.
Harness Wire 35% Reovery surged the most, rising by 0.30% from CNY 16,700 per MT at the start of the week to end the week at CNY 16,750 per MT. The weekly price chart of the commodity is provided below:
The price of #2 Insulated Copper Wire 50% Recovery too rose by 0.21% week-on-week. The commodity saw its price edge higher from CNY 24,000 per MT to CNY 24,050 per MT. Also, Cu/Al Radiators prices were up by 0.20% on Index.
Meantime, the prices of #1 Copper Bare Bright, #1 Copper Wire and Tubing and #2 Copper Wire and Tubing recorded the least decline over the prior week, falling by 0.08% each.
India Prices
The scrap commodities in Indian market saw their prices remain unchanged over the prior week.
The prices of Copper sheet cutting were flat at INR 369,000 per Ton during the week ended 19th October, 2023.
The prices of Copper cable scrap, Copper heavy scrap, Copper armeture, Copper utensil scrap and Copper wire bars (HCL*) too registered no variation from the previous week prices.
The chart below represents the price variation in Copper heavy scrap over the past one-week period:
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 price change over the prior week in #1 Insulated Copper Wire 85% Recovery is depicted below:
LME Copper Market Update
Meantime, the closing price of LME Copper 3-Month contract stood at USD 8,005.00 per tonne as on 19th October, 2023. The LME Copper Cash Settlement contract prices declined marginally from $7,947.50 a day before to $7,938.00 per tonne.
The LME Copper stocks registered modest jump over the previous day to close at 191,850 tonnes on 19th October, 2023, as compared with 191,675 tonnes on 18th October, 2023.
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