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Comparison of US Copper Scrap Predicted Price and Actual Price [September-03-21]

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by - 9/3/2021 736 Views

Copper Prices dropped due to slower manufacturing activity in Asian and African Countries

Using Granger's Causality, Ordinary Least Square (OLS), and Linear Regression research models, our RIM research team has predicted the prices of US Copper Scraps for the 3rd of September 2021 (Predicted on September 2nd, 2021).

For the past two months, we have been in the process of predicting the Copper Scrap prices. Our research has gone successful and, we have 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.

Results for Predicted Copper Scrap Price - Sept 3, 2021 [Predicted on Sept 2, 2021]

Copper-Predictions-Comparison - US Sept 3rd

Graphical Representation of Actual Copper Scrap Price vs. Predicted

US Copper Scrap Actual Price Vs Predicted Price - Sept 3, 2021

 

Copper prices on September 2nd settled at $4.2975 per pound in the CME Futures.

Copper prices fell more than 2% on Wednesday concerning slowed factory activity in August across swathes of Europe and Asia. In China, manufacturing contracted for the first time in nearly 1-1/2 years as COVID-19 containment measures, supply bottlenecks and high raw material prices weighed on output.

The official manufacturing Purchasing Manager's Index (PMI) of China fell to 50.1 in August from 50.4 in July, data from the National Bureau of Statistics (NBS) showed on Tuesday.

Copper prices are still up 20% this year after rising 26% in 2020, with analysts optimistic that demand for the metal used in power grids will increase as the world races toward electrification.

Copper prices in September rose 0.34% from the Wednesday’s settlement price (September 01, 2021) of $4.2830/lbs, touching $4.2975/lbs (September 02, 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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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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