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

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by - 8/4/2021 599 Views

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

Our RIM research team has 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%. Using Granger's Causality, Ordinary Least Square (OLS) and Linear Regression research methods, we have predicted the prices of Copper Scraps for August 4th July on August 3rd. Now let’s compare the difference between the predicted Copper Scrap price and Actual Copper Scrap price.

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

The COMEX (US Metal Exchange)Copper Prices dropped on Tuesday due to China’s low metal imports. China’s imports of unwrought Copper have been reaching lower since the sharp recovery from the coronavirus pandemic amid stimulus spending in the middle of last year. Surging Chinese Scrap Copper imports have been doubled in the first half of 2021 are also displacing to some extent refined cathode, concentrate, anode, and blister imports, says Roskill predicting the situation to worsen and potentially cripple the Copper price recovery.

The Linear Regression model predicts the Copper Scrap prices with an accuracy of over 98%. RIM research team, with the help of our AI wing, continues 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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Tags : Copper, Copper Scrap, Us 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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