Stay ahead of the ever shifting copper market. The world is already facing a copper shortage, and the crisis in Peru may only worsen the situation.
Others feel the deficit could even extend for the rest of this decade if efforts are not undertaken to improve the situation. Some experts believe that the world may face a copper deficit throughout 2023. With a breakdown of the latest market trends for copper.
#SCRAP COPPER PRICES UPDATE#
Unfortunately, Chile posted a year-on-year decline of 7% last November. Every Wednesday the iScrap App will update you on the latest scrap metal market news and prices. That country is the world’s largest copper producer, accounting for around 27% of the global supply. If prolonged, these issues could eventually cascade into global supply chain issues.Īlso contributing to the copper crisis is Chile. After all, about two-thirds of Peru’s copper output goes to China. Moreover, the Peru political crisis will likely affect China’s copper consumption as well. If social unrest continues, many other mines may have to follow suit. In late January, Glencore’s Antapaccay copper mine also suspended its operations after protesters attacked the premises for the third time in a month. has temporarily shut down the Las Bambas mine, ostensibly for “maintenance.” This is highly problematic, as the mine produces about 2% of the global copper supply. In light of the situation, China-backed MMG Ltd. Much of southern Peru, where some of the major copper mines lie, is now under the control of the former President’s supporters. Unrest in Peru, Decline in Chile Affecting Supply
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Get weekly updates on copper prices and other commodity news with MetalMiner’s free weekly newsletter. To make matters worse, an upward climb in the dollar continues to make buying copper less attractive for non-dollar holders. Indeed, Peru is one of the largest copper producers in the world but remains in a post-election state of instability.Īdding to price pressures is the fact that copper inventories in SHFE warehouses were up by over 61% to 226,509 tons last weekend compared with January 20. Among these are a weakness in the manufacturing sector outside China and strikes at copper mines in Peru. However, sector experts say there may have been other contributing factors to the price drop. Softer-than-anticipated recovery in China remains a big part in copper prices faltering. This represents the lowest level for copper prices since January 10, when it traded at $3.9875.
Copper Prices Face Pressure from Multiple SourcesĪccording to CME data, copper futures settled at $4.035 per pound on February 6. Why should every metal buying organization invest in artificial intelligence? Find out in MetalMiner’s February workshop: Why AI and Technical Analysis are Superior Metal Price Forecasting Tools. Now, the market’s attitude has changed from general optimism to one of “watch and wait.” Most analysts simply keep holding out for signs of a resurgent Chinese demand, which many think may not arrive. Initially, the optimism over China’s comeback aided copper’s upward momentum. This effectively ends the price surge markets saw over the past few months, culminating at the end of January. The primary reason for this is lukewarm demand from China, one of the world’s biggest copper consumers. These are used for power transmission and can be obtained from dismantled electrical lines and hubs, ignition systems, industrial machinery, etc.Hopes of a recovery in copper prices seem to have flat-lined since the start of February. Most of these cables are made of copper, and this makes them ideal for scrapping, as copper products are bought at good rates. It is used in various electronic systems, such as telephone and mobile networks, cable television, etc. The copper wire may be coated by tin or nickel. Insulated Copper wire smaller than 16 gage (1/16 inch) and has a copper recovery of 55% - 79%. Must have a copper recovery of 75% or more. In fact, they are the most valued and highly priced scrap metal all over the country. If wire is stranded, each wire must be 1/16” or thicker. Since copper scrap is pure, scrap yards put more value in them. Insulated Copper wire that is 14 gage or thicker (1/16 inch). Bare wire under pencil lead thickness is accepted. Insulated copper is not accepted as #2 copper. #2: Copper that has paint, dirt, solder, corrosion, etc. Wire must be bare and thicker than a pencil lead. #1: Clean uncontaminated with no paint, solder, insulation, dirt, etc. Prices may vary due to quality, quantify, your location and commodity market volatilityĬopper wire that is not corroded or burned and must be shiny in its appearance.
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