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Daily US Copper Scrap Price Predictions [August-04-21]

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by - 8/3/2021 729 Views

By Analyzing the Correlation between Copper Primary and Copper Scrap, we have predicted the US Copper Scrap Prices for August 4th, 2021

We have examined the interdependence between Copper base metal and Copper Scrap over the past 10 years (2011-2021) and that helps to predict the Copper Scrap prices based on COMEX EOD (End of Day) prices of primary Copper. By means of Ordinary Least Square (OLS), Linear Regression and Granger's Causality research methods, we have predicted the prices of Copper Scraps for 4th August. We have calculated the prices of Copper Scraps such as Copper No.1 US, Copper No.2 US, Hard Brass US, Copper No.1 Canada, Copper No.2 Canada, Copper No.3 Canada, Copper Radiators Canada, and Sheet Copper US. This will provide valuable insights to Scrap Copper producers, traders, exporters, importers and Copper recycling companies.

Predicted Value of US Copper Scrap Price from Base Metal Copper Price

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Graphical Representation of Copper Base Metal Price

The COMEX (US Metal Exchange) - Copper Price slid on August 2nd after China’s metal auction and traded at $4.5315 per pound. Floods in central China, especially in the industrial and transport hub city of Zhengzhou in Henan province have boosted supply concerns and demand for rebuilding damaged infrastructure. Due to this, there were further demand pressure comes into the Copper base metal.

Consequently, China announced it would release a total of 170,000 tonnes of metals, including Copper, Aluminum and Zinc, from state reserves on July 29th. As a result of this, 30,000 tonnes of Copper and 50,000 tonnes of Zinc were open for public bidding on the platform operated by China Minmetals Corp. The release of state metal reserves by China is to cool the rally in commodity prices. Goldman Sachs says that Copper prices are poised to grow as demand outpaces supply since the concentrate market is very tight, particularly in China.

We have examined after a continuous daily prediction of Copper Scrap prices and concluded that our RIM research team predicts the Copper Scrap prices with an accuracy of over 98%. Our RIM research team continues the research on Copper Scrap prices and we will update it here. Subscribe for RIM Scrap Price Access and Current Copper Scrap prices.

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Category : General

Tags : Copper, Copper Scrap, Copper Scrap Price, Indian Copper Scrap Price Predictions


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About Jenisha Rajakumar

I'M a Research Analyst and Content Creator at RIM. Currently I'm researching on Copper Prices around the Globe and the impacts on Copper Scrap Prices with regard to COMEX, LME, SHFE and MCX. .... more info

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