US Copper Scrap prices decline in line with LME Copper

By Vibin Antony
United States scrap copper prices declined on Wednesday in line with LME copper amid a weak outlook.

The prices for copper scrap posted a decline on Scrap Register Price Index as on Wednesday. The prices of Al/Cu Radiator Ends, #1 Ins Wire (Cu 88-92%), #2 Ins Wire (Cu 58-62%), Alternator and Bare Bright (Cu >99%) dropped on Wednesday.

Copper prices at London Metal Exchange settled at $5485.50 a ton on Wednesday, represent a drop of 1.3% from previous day’s close of $5557 a ton, and while inventories up by 6450 tons to 244675 tons and a cancelled warrants ratio of 9.5%.

However, Benchmark lending rates in the US, the world’s second- biggest copper consumer, will rise in June, according to 45% of 53 economists surveyed by Bloomberg News. The Fed’s decision on interest rates is due at 2 p.m. in Washington. Chilean copper producer Antofagasta Plc said on Wednesday that it’s “optimistic” on the outlook for copper prices.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)