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Daily Prediction of Indian Copper Scrap Price [August-06-21]

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by - 8/5/2021 708 Views

Analyzing the Correlation between Copper Primary and Copper Scrap, we have predicted the Indian Copper Scrap prices for August 6th

Using Ordinary Least Square (OLS), Linear Regression and Granger's Causality research methods, we have predicted the prices of Indian Copper Scraps for 6th August. We have calculated the prices of Copper Scraps such as Copper Wire Scrap, Brass Hunny, Copper Heavy Scrap, Copper Utensil Scrap, and Hunny Yellow. 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 MCX EOD (End of Day) prices of primary Copper. This will provide valuable insights to Scrap Copper producers, traders, exporters, importers and Copper recycling companies.

Predicted Value of Copper Scrap Price from Base Metal Copper Price

Graphical Representation of Copper Base Metal Price

Nagercoil, India. MCX Copper Prices in India traded at Rs. 738.05/KG on August 4th. China uses Copper in the construction & power industries and, China accounts for about half of global Copper consumption. Presently, we could see a drop in Copper Prices as China released more base metals from state reserves. China released 30,000 tonnes of Copper and 50,000 tonnes of Zinc from its state reserves last week. Due to this there was a fall in Copper prices.

Presently, we could find a further drop in Copper price 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. Imports reached a high of 762,211 tonnes in July of 2020, and have been dropping ever since. Fitch Solutions Country Risk & Industry Research says Copper prices will remain elevated compared to previous years, on the back of tight fundamentals and positive investor sentiment due to the ongoing global economic recovery.” So, I conclude that we can expect further demand and supply pressure will hike the Copper Prices.

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.

Category : General

Tags : Copper, Copper Scrap, 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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