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Comparison of US Copper Scrap Actual Price and Predicted Price [August-05-21]

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by - 8/5/2021 502 Views

Analyzing the difference between the Predicted Copper Scrap Price and Actual Copper Scrap Price for August 5th

Using Granger's Causality, Ordinary Least Square (OLS), and Linear Regression research methods, we have predicted the prices of Copper Scraps for August 5th on August 4th. Our RIM research team has been researching Copper Scrap prices for more than a year. For the last July month, our prediction has gone success and, we have predicted the Copper Scrap prices with an accuracy of over 98%. Now let’s compare the difference between the predicted Copper Scrap price and the Actual Copper Scrap price.

Results for Predicted Copper Scrap Price on August 5th, 2021 [Predicted on August 4th, 2021]

Graphical Representation of Actual Copper Scrap Price vs. Predicted

The COMEX (US Metal Exchange)Copper Prices on August 4th traded at $4.3325. Copper prices dropped on Wednesday due to softer manufacturing growth in the US and China. “Industrial metals are increasingly feeling the weight of a synchronized slowing in US and Chinese growth,” TD Securities analysts led by Bart Melek said in a note. Copper prices in August fell 1.11% from Tuesday’s settlement price, touching $4.3325 per pound ($9,534 per tonne) on the CME Futures.

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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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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