That is down more than 60% from total inventories of more than 150,000 recorded this time in 2021. In contrast, cargoes of iron ore, for which China is significantly more reliant on imports than copper, are down 3.5%.ĭespite robust imports, physical stocks of copper across the country are at year lows, according to Shanghai Metals Market, dropping to 61,300 tonnes as of Friday. “By the end of 2021, inventories had fallen to only 2.5 days of consumption, and at 240,000 tonnes today, inventories cover consumption by only 3.5 days – still an extremely low number.”Īs for concerns about the appetite of China – responsible for some 55% of the world’s copper consumption – the bellwether metal is the one commodity that is showing positive import growth this year.Ĭhina’s unwrought copper imports are up nearly 6% while concentrate shipments are around 7% higher so far this year, encouraged by the fall in price, according to Capital Economics, a London-based research firm.
In 2005, copper exchange inventories covered consumption by only two days. “When adjusted for days of consumption, inventories are almost as low as they were back in 2005, just before copper prices more than doubled. Goehring & Rozencwajg points out that after bottoming at 165,000 tonnes at the end of 2021, stockpiles rebounded to 300,000 by mid-May, but have since pulled back to 240,000 tonnes:
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Wall Street natural resource investment house Goehring & Rozencwajg Associates in their Q2 update released last week exhibits a five year chart of global copper warehouse inventories. When the Chinese government starts buying copper on the open market it’s usually read as a sign of prices bottoming In July, with the price falling to a 20-month low, the firm’s analyst conceded that their great expectations for copper in the short term will have to be postponed.īut Goldman’s main argument of the dangers of a “scarcity episode” or a “stock-out” remains well supported. In April, Goldman forecast copper reaching an all-time high before the end of 2022 because the market was “sleepwalking towards a stock-out.”
In February the investment bank predicted a “scarcity episode” by the end of the 2022 as global stocks fell to dangerously low levels. In particular, tracking Goldman Sachs’ trajectory on the copper market has been something of a white knuckle ride. We look forward to earning your business at Rockaway Recycling.Copper’s short term woes frequently butt up against its longer term tailwinds, thanks to its central role in the green energy transition, making accurate forecasting difficult if not impossible. You can sign up for our email alerts in the upper left hand side of your screen where you will receive updated prices and other information about scrap metal. When you need to find our the Copper Price Per Pound, always come to our website where you will see the prices listed on every page. With so many different types of scrap metal we like to show you the pictures and descriptions on our Scrap Metal Picture Page, so you can learn more about scrap. We are convenieitly located off of Route 80, Route 46, and Route 287, click for our Directions Page. We taked all types of scrap metal including: scrap copper, scrap brass, scrap aluminum, aluminum siding, carbide, old steel, iron, computer towers, laptops, and more.
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If you have questions about our copper prices, feel free to contact us today below with the form. If you are looking for other ways to make more money with scrap metal please go to our YouTube Page where you will be able to see all different ways on sorting, separating, and making more money on all types of scrap metal. Our ATM is ready to pay you cash each time you come to our yard, and it is very easy to use once you get in.
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Our team can help you learn more places to find copper, how to clean it correctly, and what to do once you get it ready to sell. We know that it is not always easy to find out what #2 copper pipe or stripped copper wire prices are, so let us help you find them out easier.
With the copper prices always changing, using our website for todays scrap copper prices is a great option. Our copper prices and other scrap prices are updated every day on our website. Whether you are scrapping old copper pipes, bare bright scrap copper, scrap copper wire, or copper transformers, we will be able to tell you the scrap copper prices that we are paying for each of those metals.
We updated our scrap metal prices daily, and you will be able to look for the timestamp on the pricing to make sure that the prices are up-to-date.
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