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

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by - 9/3/2021 702 Views

MCX Copper Price slips due to weak demand and traded at Rs. 711.05/KG.

Using research models, namely Ordinary Least Square (OLS), Linear Regression, and Granger's Causality, we have predicted the Indian Copper Scrap prices for the 3rd of September 2021 (Predicted on September 2nd, 2021).

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.

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

Copper-Predictions-Comparison - India Sept3rd

Graphical Representation of Actual Copper Scrap Price vs. Predicted

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

 

MCX Copper prices on September 2nd traded at Rs. 711.05. Copper prices decreases due to weak demand in Asian Countries.

The weak demand for Copper is due to the slower manufacturing activities in Asian and other African countries. As COVID-related restrictions and high raw material prices continued to pressure manufacturers and, the economy lost momentum.

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. This indicates that the spread of delta variant Covid restrictions highly impacted the Copper prices and supply concerns.

Copper prices in September slips 1.24% or Rs. 8.95 from the Wednesday’s settlement price (September 1, 2021) of Rs. 720/KG, touching Rs. 711.05 /KG (September 2, 2021) in the MCX Futures.

Using Linear Regression research models, 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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