Scrap Copper Prices: Weekly Market Report- 24th May, 2024

SEATTLE (Scrap Monster):The below report analyses the weekly price trends of scrap copper across various regional markets during the past week (17^th May to 23^rd May, 2024) on the Scrap Monster Price Index.

North America Prices

The copper scrap prices in the region mostly recorded decline.

The biggest dip in prices over the prior week was witnessed in Xmas Lights, whose prices edged lower from $0.29 per Lb to $0.27 per Lb. The other copper scrap varieties to record notable decline in prices include #3 Copper- Light Copper and #2 Copper Wire and Tubing, which recorded substantial price falls by 5.43% and 5.32% respectively.

The weekly price movement for Xmas Lights is shown in the below graph:

The #1 Copper Wire and Tubing and Heater Cores prices too recorded week-on-week decline by 5.21% and 5.20% respectively.

Meantime, the prices of Cu/Al Radiators, Cu/Al Radiators/Fe, Copper Transformer Scrap and Cu/Al Radiator Ends surged higher over the week.

All other copper scrap varieties too recorded decline on Index, except Cu/Al Radiators, Cu/Al Radiator Ends and Cu/Al Radiators/Fe. These categories of scrap held steady over the previous week.

USA East Coast Prices

The prices of most copper scrap categories witnessed remarkable decline in the region. Xmas Lights prices posted the biggest dip over the week, recording decline of 6.90% from $0.29 per Lb to $0.27 per Lb.

#3 Copper- Light Copper and #2 Copper Wire and Tubing prices were down by 5.43% and 5.32% respectively over the week. #3 Copper- Light Copper prices dipped from $4.60 per Lb to $4.35 per Lb, while #2 Copper Wire and Tubing prices recorded decline from $4.70 per Lb to $4.45 per Lb over the week.

The below graph depicts the price movement in #3 Copper- Light Copper over the previous week:

The other scrap copper categories that recorded noteworthy decline in prices included #1 Copper Bare Bright, #1 Copper Wire and Tubing, Heater Cores, Alternator, Sealed Units and Starters.

The least decline in prices was seen in Romex Wire, which saw its prices fall from $1.66 per Lb to$1.65 per Lb during the week.

USA Midwest Prices

The copper scrap prices in the region recorded mixed trend.

The biggest dip in prices over the prior week was witnessed in Xmas Lights, whose prices edged lower from $0.28 per Lb to $0.26 per Lb. The other copper scrap varieties to record notable decline in prices include #3 Copper- Light Copper and #2 Copper Wire and Tubing, which recorded substantial price falls by 5.46% and 5.34% respectively.

Meantime, Cu/Al Radiators, Cu/Al Radiator Ends and Cu/Al Radiators/Fe were the only commodities to witness no change in prices over the week.

USA West Coast Prices

The prices of most of the copper scrap metal varieties in the region witnessed noticeable decline week-on-week.

Xmas Lights prices posted the biggest dip over the week, recording decline of 6.90% from $0.29 per Lb to $0.27 per Lb.

#3 Copper- Light Copper and #2 Copper Wire and Tubing prices were down by 5.34% and 5.23% respectively over the week. #3 Copper- Light Copper prices dipped from $4.68 per Lb to $4.43 per Lb, while #2 Copper Wire and Tubing prices recorded decline from $4.78 per Lb to $4.53 per Lb over the week.

The prices of Romex Wire, Alternator, Copper Transformer Scrap, Scrap Electric Motors, Sealed Units, #1 Insulated Copper Wire 85% Recovery, #2 Insulated Copper Wire 50% Recovery, Cu Yokes, Harness Wire 35% Recovery, Starters, Copper Radiators, #1 Copper Bare Bright and #1 Copper Wire and Tubing too edged higher on Index.

Meantime, Cu/Al Radiators, Cu/Al Radiator Ends, Cu/Al Radiators/Fe prices were flat on Index.

China Prices

The prices of copper scrap categories witnessed mixed trend over the week.

#2 Insulated Copper Wire 50% Recovery and Cu/Al Radiators recorded the biggest surge in prices during the previous week.

#2 Insulated Copper Wire 50% Recovery prices were up marginally by 1.1%, from CNY 27,350 per MT at the start of the week to CNY 27,650 per MT as at the end of the week.

The weekly price chart of #2 Insulated Copper Wire 50% Recovery is provided below:

The other prominent gainers over the previous week were Scrap Electric Motors and Sealed Units.

The prices of Copper Transformer Scrap, Cu Yokes, Harness Wire 35% Recovery, Heater Cores, #1 Insulated Copper Wire 85% Recovery, #1 Copper Bare Bright, #1 Copper Wire and Tubing and #2 Copper Wire and Tubing reported decline over the prior week.

India Prices

The scrap commodities in Indian market saw their prices decrease over the prior week.

The copper sheet cutting prices recorded largest decline, registering fall by 1.23% over the week. The prices of the commodity dropped from INR 567,000 per Ton to INR 560,000 per Ton. The weekly chart of the commodity is provided below:

The prices of Copper armeture, Copper cable scrap, Copper heavy scrap, Copper utensil scrap and Copper wire bars too registered week-on-week decline during the week ended 23rd 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 depicts the weekly price movement in Copper Radiators:

LME Copper Market Update

Meantime, the closing price of LME Copper 3-Month contract stood at USD 10,411.00 per tonne as on 23^rd May, 2024. The LME Copper Cash Settlement contract prices declined modestly from $10,447.00 a day before to $10,290.50 per tonne. LME Copper stocks saw marginal decline over the day, falling from levels of 110,250 tonnes a day before to 110,025 tonnes as on 23^rd May, 2024.

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