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Comparison of US Copper Scrap Predicted Price and Actual Price [September-02-21]

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by - 9/2/2021 697 Views

Examining the difference between the Predicted Copper Scrap Price and Actual Copper Scrap Price for the 2nd of September 2021

Our RIM research team has been researching Copper Scrap prices for more than a year. For the past two months, we have been predicting the Copper Scrap prices daily. Our research has gone successful and, we have predicted the US Copper Scrap prices with an accuracy of over 98%.

Using Granger's Causality, Ordinary Least Square (OLS), and Linear Regression research models, we have predicted the US and Canada Copper Scrap prices for the 2nd of September 2021 (Predicted on September 2nd, 2021). 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 September 02, 2021 [Predicted on September 01, 2021]

Copper Scrap Price Predictions-Comparison-US - Sept 2nd

Graphical Representation of Actual Copper Scrap Price vs. Predicted

US Copper Scrap Actual Price Vs Predicted Price Sept 2, 2021

 

The COMEX (US Metal Exchange)Copper Prices on September 1st settled at $ 4.2830 per pound.

Copper price declines in September as the manufacturing activity in Asian and European countries were slower than expected, which fuelled market concerns over global economic recovery. Meanwhile, the US manufacturing sector expanded faster than expected in August, manufacturers are still facing constraints from supply chain.

Recent data shows that the Chinese government plans to release more Copper, Aluminium and Zinc from its national reserves early this month. "At present, Copper, Aluminum and Zinc prices remain high, and a number of downstream small and medium-sized companies are still facing difficulties in production and operation. The first two releases of 270,000t were well received by the community. We will continue to release state reserves of Copper, Aluminum and Zinc in the future to ensure supplies and stabilize prices for bulk commodities," the NFSRA said before the third auction was announced. In the coming days, we can expect China’s release of state reserves will impact Copper prices.

Copper prices in September slips 1.89% from the Tuesday’s settlement price (August 31, 2021) of $ 4.3655/lbs, touching $ 4.2830 /lbs September 01, 2021) in the CME Futures.

We have examined after a continuous daily prediction of US Copper Scrap prices and concluded that our research has gone successful and, we have predicted the Copper Scrap prices with the difference value of 0.5 to 2%.

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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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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