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Comparison of Indian Copper Scrap Predicted Price and Actual Price [August-06-21]

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by - 8/6/2021 916 Views

Examining the difference between the Actual Copper Scrap Price and Predicted Copper Scrap Price for August 6th

Using research methods, namely Ordinary Least Square (OLS), Linear Regression, and Granger's Causality, we have predicted the Indian Copper Scrap prices for August 6th on August 5th. 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%. Now let’s compare the difference between the Copper Scrap Actual Price and Predicted Price for August 6th.

Results for Predicted Copper Scrap Price on August 6th, 2021 [Predicted on August 5th, 2021]

Graphical Representation of Actual Copper Scrap Price vs. Predicted

Nagercoil, India. MCX Copper Prices in India traded at Rs. 730.55/KG on August 5th. The reason for the drop in Copper prices is that China’s imports of unwrought Copper have been edging lower since the sharp recovery from the coronavirus pandemic amid stimulus spending in the middle of last year. The China’s imports reached a high of 762,211 tonnes in July 2020, and currently, it has 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, in the coming days, we can expect further demand and selling pressure comes into the Copper Base Metal.

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, 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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