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Market Reports May 10, 2024 05:50:28 PM

Copper Scrap Prices: Weekly Market Report- 10th May, 2024

Paul Ploumis
ScrapMonster Author
The LME Copper stocks saw modest decline over the previous day to close at 104,375 tonnes on 9th May, 2024, as compared with 106,000 tonnes on 8th May, 2024.

Copper Scrap Prices: Weekly Market Report- 10th May, 2024

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (3rd to 9th May, 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 surged higher.

The biggest increase in prices over the prior week was witnessed in Romex Wire, whose prices edged higher from $1.49 per Lb to $1.51 per Lb. The other copper scrap varieties to record significant surge in prices include #1 Insulated Copper Wire 85% Recovery and #3 Copper- Light Copper, which recorded price increases by 1.31% and 0.72% respectively.

The weekly price movement for Romex Wire is shown in the below chart:

 

Meantime, the prices of #1 Copper Bare Bright, #1 Copper Wire and Tubing, #2 Copper Wire and Tubing, and #2 Insulated Copper Wire 50% Recovery too were up on Index.

The rest of the scrap commodities recorded no change on Index.

 

USA East Coast Prices

The prices of a few copper scrap categories witnessed marginal surge in the region. Romex Wire prices posted the biggest increase over the week.

The prices of #1 Insulated Copper Wire 85% Recovery and #3 Copper- Light Copper too increased modestly over the week.

The weekly price chart of #1 Insulated Copper Wire 85% Recovery is provided below:

 

A slight increase in price was witnessed in #1 Copper Bare Bright, #1 Copper Wire and Tubing, #2 Copper Wire and Tubing, #3 Copper- Light Copper and #2 Insulated Copper Wire 50% Recovery.

Meantime, Cu/Al Radiators, Alternator, Copper Transformer Scrap, Cu Yokes, Cu/Al Radiator Ends, Cu/Al Radiators/Fe, Harness Wire 35% Recovery, Heater Cores, Scrap Electric Motors, Sealed Units, Starters, and Xmas Lights prices held steady over the week.

USA Midwest Prices

The prices of majority of copper scrap prices commodities in the region remained unchanged over the previous week. Some of the varieties increased week-on-week.

The top three gainers were Romex Wire, #1 Insulated Copper Wire 85% Recovery and #3 Copper- Light Copper.

The Romex Wire prices ended the week at $1.50 per Lb, up from the previous week price of $1.48 per Lb. Also, #1 Insulated Copper Wire 85% Recovery and #3 Copper- Light Copper surged over the previous week to close at $1.54 per Lb and $4.16 per Lb respectively.

The prices of #1 Copper Bare Bright, #1 Copper Wire and Tubing, #2 Copper Wire and Tubing, #3 Copper- Light Copper and #2 Insulated Copper Wire 50% Recovery too recorded marginal increase over the prior week.

USA West Coast Prices

The copper scrap metal prices in the region witnessed mixed trend week-on-week.

The scrap categories to record notable surge in prices from the previous week were Romex Wire, #1 Insulated Copper Wire 85% Recovery and #3 Copper- Light Copper.

Romex Wire prices edged higher by 1.33% week-on-week. The prices of #1 Insulated Copper Wire 85% Recovery and #3 Copper- Light Copper were up by 1.3% and 0.71% respectively.

The prices of #1 Copper Bare Bright, #1 Copper Wire and Tubing, #2 Copper Wire and Tubing, #3 Copper- Light Copper and #2 Insulated Copper Wire 50% Recovery recorded increase over the prior week.

China Prices

The copper scrap prices recorded notable decline over the previous week.

#2 Copper Wire and Tubing prices dipped the most, falling by 3.74% over the prior week. The prices of the commodity recorded decline from CNY 76,300 per MT at the start of the week to end the week at CNY 73,450 per MT.

The chart provided below depicts the weekly price movement in #2 Copper Wire and Tubing:

The prices of #1 Copper Wire and Tubing and #1 Insulated Copper Wire 85% Recovery too witnessed decline by 3.69% and 3.62% respectively.

All the other commodities such as Copper Transformer Scrap, Cu Yokes, Harness Wire 35% Recovery, Scrap Electric Motors, Sealed Units, Cu/Al Radiators, #2 Insulated Copper Wire 50% Recovery, Heater Cores and #1 Copper Bare Bright posted weekly dip in prices.

 

India Prices

The scrap commodities in Indian market recorded no change, upon comparison with the prior week.

The copper cable scrap prices held steady at INR 841,000 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 sheet cutting too witnessed no change on the Scrap Monster Index. 

The prices of Copper utensil scrap and Copper wire bars (HCL *) too were unchanged during the week ended 9th May, 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 Copper Dry Bright:

 

LME Copper Market Update

Meantime, the closing price of LME Copper 3-Month contract stood at USD 9,859.00 per tonne as on 9th May, 2024. The LME Copper Cash Settlement contract prices inched lower modestly from $9,740.00 a day before to $9,728.00 per tonne.

The LME Copper stocks saw modest decline over the previous day to close at 104,375 tonnes on 9th May, 2024, as compared with 106,000 tonnes on 8th May, 2024.

 

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