Scrap Copper Prices: Weekly Market Report- February 9th, 2024
Market Reports | 2024-02-09 11:35:16
Meantime, the closing price of LME Copper 3-Month contract stood at USD 8,304.00 per tonne as on 8th 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 (2nd to 8th February, 2024) on the Scrap Monster Price Index.
North America Prices
The copper scrap prices in the region recorded mixed trend, when matched with the week before that. The prices of majority of the commodities maintained prior week’s price levels, while the remaining recorded decline.
The biggest decline in prices over the prior week was witnessed in #3 Copper- Light Copper, whose prices edged lower from $3.42 per Lb to $3.30 per Lb. The other copper scrap varieties to record significant decline in prices include #2 Copper Wire and Tubing as well as #1 Copper Wire and Tubing, which recorded price declines by 3.419% and 3.31% respectively.
The weekly price movement for #3 Copper- Light Copper is shown in the below chart:
Meantime, the prices of Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu Yokes, Cu/Al Radiator Ends, Cu/Al Radiators/Fe, Scrap Electric Motors, Sealed Units, Starters, and Xmas Lights recorded no change on Index.
USA East Coast Prices
The prices of certain copper scrap categories witnessed notable dip in the region. #3 Copper- Light Copper prices posted the biggest fall over the week.
The prices of #2 Copper Wire and Tubing, #1 Copper Wire and Tubing and #1 Copper Bare Bright too recorded modest decline over the week.
The other scrap commodities that reported weekly price declines include Copper Radiators, Heater Cores, Romex Wire, #1 Insulated Copper Wire 85% Recovery, Harness Wire 35% Recovery and #2 Insulated Copper Wire 50% Recovery.
The weekly price chart of #2 Copper Wire and Tubing is provided below:
Meantime, Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu Yokes, Cu/Al Radiator Ends, Cu/Al Radiators/Fe, Scrap Electric Motors, Sealed Units, Starters, and Xmas Lights held steady over the week.
USA Midwest Prices
The prices of majority of copper scrap prices commodities in the region declined 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 $3.40 per Lb. Also, #2 Copper Wire and Tubing and #1 Copper Wire and Tubing prices dipped over the previous week to close at $3.38 per Lb and $3.48 per Lb respectively.
The prices of #1 Copper Bare Bright too recorded modest decline on Index.
Copper Radiators, Heater Cores, Romex Wire, #1 Insulated Copper Wire 85% Recovery, Harness Wire 35% Recovery and #2 Insulated Copper Wire 50% Recovery prices declined when compared with the prior week.
All other commodities’ prices held steady on Index.
USA West Coast Prices
The copper scrap metal prices in the region witnessed mixed trend week-on-week.
The scrap categories to record notable decline in prices from the previous week were #3 Copper- Light Copper, #2 Copper Wire and Tubing, #1 Copper Wire and Tubing and #1 Copper Bare Bright.
Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu Yokes, Cu/Al Radiator Ends, Cu/Al Radiators/Fe, Scrap Electric Motors, Sealed Units, Starters, and Xmas Lights were flat over the prior week.
China Prices
All copper scrap categories witnessed weekly price declines.
#2 Copper Wire and Tubing recorded the biggest dip in prices during the previous week.
#1 Copper Wire and Tubing reported dip in prices by CNY 650 per MT, falling from CNY 63,500 per MT during the start of the week to end at $62,850 per MT.
#1 Copper Bare Bright and #1 Insulated Copper Wire 85% Recovery too reported drop in prices by 0.96% and 0.90% respectively over the week.
Harness Wire 35% Recovery and Cu Yokes prices recorded the least decline.
The Harness Wire 35% Recovery prices edged lower from CNY 16,700 per MT to CNY 16,650 per MT each.
The weekly price chart of Harness Wire 35% Recovery is provided below:
India Prices
The scrap commodities in Indian market recorded decline, upon comparison with the prior week.
The copper sheet cutting scrap prices recorded largest dip, falling from INR 395,000 per Ton to INR 394,000 per Ton during the week. The weekly chart depicting the price movement in the commodity is provided below:
The prices of copper armature, copper heavy scrap and copper cable scrap too edged lower on the Scrap Monster Index.
The prices of Copper utensil scrap and Copper wire bars (HCL *) too were down during the week ended February 8th, 2024.
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 chart given below display the weekly price movement in Braziery Copper:
LME Copper Market Update
Meantime, the closing price of LME Copper 3-Month contract stood at USD 8,304.00 per tonne as on 8th February, 2024. The LME Copper Cash Settlement contract prices edged lower modestly from $8,280.50 a day before to $8,202.00 per tonne.
The LME Copper stocks saw marginal decline over the previous day to close at 136,825 tonnes on 8th February, 2024, as compared with 137,850 tonnes on 7th February, 2024.
