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Comparison of Indian Copper Scrap Actual Price and Predicted Price [August-04-21]

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by - 8/4/2021 636 Views

Analyzing the Correlation between the Predicted Copper Scrap Price and Actual Copper Scrap Price for August 4th

Using Ordinary Least Square (OLS), Linear Regression, and Granger's Causality research methods, we have predicted the Indian Copper Scrap prices for August 4th on August 3rd. Our RIM research team, with the help of our AI wing, we have been researching Copper Scrap prices for more than a year. The research models we used predicted the Copper Scrap prices with an accuracy of over 98%. Now let’s compare the difference between the Indian Copper Scrap Actual Price and Predicted Price for August 4th.

Results for Predicted Copper Scrap Price on August 4th, 2021 [Predicted on August 3rd, 2021]

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Graphical Representation of Actual Copper Scrap Price vs. Predicted

Copper Prices dropped this week after China’s metal auction. 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 heavy 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.

The Ordinary Least Square (OLS) model 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.

For a complete list of Copper Scrap ISRI Codes, please click here or visit our ISRI Codes Section.

Please visit our Copper Scrap Price section to know about detailed Scrap Copper prices of US, Chinese and Japan.

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