How high will scrap copper prices go?
The price of scrap copper has skyrocketed in recent years, reaching record highs in 2022. This has been driven by a number of factors, including:
- Strong demand from China: China is the world's largest consumer of copper, and its demand for scrap copper has been growing steadily in recent years.
- Reduced supply from mines: The supply of scrap copper has been declining in recent years, as mining companies have been focusing on producing higher-grade copper.
- Speculation: Some investors have been buying scrap copper as a speculative investment, hoping to profit from rising prices.
It is difficult to predict how high scrap copper prices will go in the future. However, there are a number of factors that suggest that prices could continue to rise. These include:
- Continued strong demand from China: China's demand for scrap copper is expected to continue to grow in the coming years.
- Increasing demand for electric vehicles: Electric vehicles require more copper than traditional gasoline-powered vehicles, which could increase demand for scrap copper.
- Supply constraints: The supply of scrap copper is likely to remain constrained in the coming years.
It is important to note that scrap copper prices can be volatile, and there is no guarantee that they will continue to rise. However, the factors listed above suggest that prices could continue to increase in the future.
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