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Comparison of Indian Copper Scrap Actual Price and Predicted Price [August-13-21]

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by - 8/13/2021 1151 Views

Analyzing the Correlation between the Predicted Copper Scrap Price and Actual Copper Scrap Price for August 13th

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 Indian Copper Scrap prices for August 13th on August 12th. 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 13th, 2021 [Predicted on August 12th, 2021]

Graphical Representation of Actual Copper Scrap Price vs. Predicted

 

Nagercoil, India. MCX Copper Prices in India settled at Rs. 736.05/KG on August 12th. Copper Prices keeps falling 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. Copper Imports reached a high of 762,211 tonnes in July of 2020, and have been dropping ever since. The biggest Copper buyer in the world bought 3.219 million tonnes of unwrought Copper and Copper products from January to July, down 10.6% compared with the same period in 2020. “The dollar is one factor behind the selling and the other is Chinese demand,” one Copper trader told Reuters, adding that the rising risks of a strike at the Escondida mine in Chile helped to contain losses. 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.”

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, 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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