Understanding Singapore’s copper market
Our company constantly monitors the LME price of copper to ensure that we offer competitive prices to our customers. Similar to selling gold, when selling scrap copper, the price received will not reflect the full market value. This discrepancy arises because we must compensate a smelter, responsible for melting and refining the copper, along with covering additional expenses such as shipping and transport. Consequently, sellers can anticipate receiving a payment that typically amounts to around 90% of the LME value, contingent upon the grade of the copper.
To see the latest copper price trend, check out the past months price chart by clicking here. The price of copper is subject to fluctuation on a daily basis due to various factors, which we’ve outlined in an article on our website.
(**Please note that the percentage only applies to the best grade of copper and copper metal, and is subject to change based on global market conditions without prior notice.)
Different grades of copper
We will delve further into the classification of various copper grades. Scrap yards in Singapore accept a wide range of scrap copper, yet they offer varying prices based on the grade. If you find yourself still uncertain after reading, feel free to reach out to us via WhatsApp, and we’ll provide you with guidance every step of the way.
GRADE 1 (M1)
Examples : Solid strands of copper, usually from electrical wires/cables
Characteristics
- Devoid of any insulation and remains uncontaminated by oxidation or noticeable patina.
- Each copper strand should ideally exceed a thickness of 2.5mm, roughly equivalent to the diameter of a standard school pencil lead.
GRADE 2
Examples : Copper Pipe, tape, hairstrand copper, bus bar etc
Characteristics
- Generally found in household electrical appliances, plumbing system and electrical wiring system
- Commands lower selling price than grade 1 just by a small difference.
GRADE 3
Examples : Motor copper
Characteristics
- Usually extracted from motors
- Commands lower selling price than grade 2 by a significant margin.
Some helpful selling tips that you should know
Prior to visiting a scrap yard, it is useful to segregate your copper according to their respective grades. This practice ensures that you receive the highest possible payment for your scrap copper. When copper of varying grades is intermixed, certain scrap yards may only compensate you based on the lowest grade within the mixture. Furthermore, consistent blending of different copper grades can detrimentally impact your credibility with scrap yards over time.
By dedicating effort to sorting and categorizing your copper into their appropriate grades, you demonstrate professionalism and bolster your reputation as a dependable seller. This approach not only optimizes your financial returns but also fosters trust and credibility with scrap yards for future transactions.
02. Accumulate more
In addition to sorting your copper into different grades, amassing a larger quantity of scrap copper can indeed grant you better negotiating power in terms of pricing. In the trading realm, weight carries significant weight, and possessing a larger quantity of copper can bolster your ability to negotiate for a higher price.
When you possess a substantial amount of copper, such as 2000kg, in comparison to a smaller quantity like 20kg, scrap yards are more inclined to accept your request for a higher price per kilogram. The principle of economies of scale comes into effect, as handling and processing larger quantities can prove to be more efficient for the scrap yard.
By accumulating a significant amount of copper before selling, you can leverage this advantage during negotiations and potentially secure a more favorable price for your scrap copper.
03. Weigh it yourself first
Find out the weight of your copper first by weighing it with a scale to prevent any fraud.
04. Ask for 3 quotations
To ensure you receive the best market price for your copper, it’s advisable to conduct due diligence by consulting with multiple recycling companies before finalizing your decision to sell. Given the prevalence of online platforms, most recycling companies now maintain an online presence.
By reaching out to at least three different companies, you can obtain quotes and compare them to identify the most favorable offer. This systematic approach enables you to gauge the market price for your copper and make a well-informed decision. It’s important to acknowledge that prices may slightly vary among different companies due to factors such as their operational expenses and specific market conditions.
Taking the time to research and collect quotes from multiple companies showcases your dedication to securing the best possible price for your copper. Moreover, it provides you with a foundation for negotiation and ensures that you’re making a knowledgeable choice when selling your copper.
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