There are a lot of things to take into consideration when determining the worth of your scrap. Copper scrap prices are constantly fluctuating, and some days are better than others. If you want to find out how much your copper is worth, then read on!
Current Market Prices
The current copper market is strong and this means that you can be confident in the price of your old copper. As of November 12, 2021, the current market price for copper is $4.45 per pound. This is an increase from the price of $3.03 per pound in October 2020. It’s also more common for prices to fluctuate during economic downturns – such as the post-2008 financial crisis – though they tend to stabilise once the economy picks up again.
Copper prices are up over 5% year-over-year, which translates to a higher value for your goods. A rise in the price of copper depends on how much there is currently circulating. If supplies are limited, there will be less copper to go around and prices will increase.
Type of Scrap Metal
Decide what type of copper scrap you have. There are several types of copper that may be scrapped, including water pipes, old wiring, and even electrical transformer. You will need to know which type you are scrapping in order to determine the value of your material. Copper cables would be worth more than copper circuit boards. Generally, for low grades scrap materials with minimal or no precious metal content, your best bet is to sell them by the pound at scrap yards.
Age of Your Copper Scrap
It is also very important to know how old your copper scraps are. This is because over time certain elements will begin to take their toll on the copper making it look aged. Elements that are especially dangerous include sulfide and iron, which can significantly alter the copper’s color, clarity, and even strength. If you are unsure as to how old your copper scraps are, you should contact a copper recycler to help you figure it out.
The value of your copper may decline over time and can also be affected by the location you live in. If you’re living in a location with plentiful access to this metal, then the selling price will likely be lower than it would if there were limited access.
Supply & Demand
Supply and demand are also important factors in scrap metal prices. When there is a high demand for metal scrap, prices will increase. In contrast, if supplies are low and the demand for them is also low, prices will decrease. When there is a large surplus of scrap, countries may stop buying from other countries.
The recovery rate is the percentage of material recovered. So if you recover 1% of your input metal, your recovery rate is 1%. Again, this means that 90% of the input metal was lost. The recovery rate of copper can change based on the purity of the scrap metal. The recovery rate also changes due to natural disasters that affect mines in which copper is produced and mined for use by humans.
Quantity Of Scrap Metal
The more copper you have, the higher the price. With scrap metal, quantity matters. Every Sydney copper recycling center, for example, is undoubtedly interested in buying your old copper because they need material for production use. If you’re lucky enough to have high-grade pure copper wire, then you might find a buyer looking for this type of wire since it’s so uncommon nowadays.
In order to find out how much your scrap is worth, you should look at the copper prices from a few days ago. If you’re not sure what that means, don’t worry! We have a guide on our site to help walk you through it.