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Comparison of US Copper Scrap Predicted Price and Actual Price [Sept-07-21]

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by - 9/7/2021 747 Views

Copper Prices on Monday (Sept-06-21) traded at $4.3340 per pound in the CME Futures

By means of research models namely Ordinary Least Square (OLS), Linear Regression, and Granger's Causality, we have predicted the Copper Scrap prices for the 7th of September 2021 (Predicted on September 6th, 2021).

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 the 7th of September 2021.

Results for Predicted Copper Scrap Price - Sept 7, 2021 [Predicted on Sept 6, 2021]

Copper-Predictions-Comparison - US

Graphical Representation of Actual Copper Scrap Price vs. Predicted

US Copper Scrap Actual Price Vs Predicted price Sept 7, 2021

 

The COMEX (US Metal Exchange) – Copper prices on Monday (Sept-06-21) settled at $4.3340 per pound.

Copper price surges on Monday as the US shows fewer job gains in seven months. The US employment growth likely pulled back in August after gaining nearly 2 million jobs in the past two months as soaring COVID-19 cases reduced demand for travel and entertainment, but the pace was probably enough to sustain the economic expansion.

Nonfarm payrolls increased 235,000 last month, trailing all forecasts, after an upwardly revised 1.05 million gain in July, a Labor Department report showed Friday. Economists surveyed by Dow Jones had been looking for 720,000 new hires. The unemployment rate fell to 5.2% from 5.4%. The release of US Non-Farm Payroll data on Friday due to small job gains that slightly impacted the Copper prices.

The research models such as Linear Regression, Granger's Causality 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.

For a complete list of Copper Scrap ISRI Codes, please click here or visit our ISRI Codes Section.

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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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