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Comparison of US Copper Scrap Predicted Price and Actual Price [September-13-21]

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by - 9/13/2021 409 Views

In the CME Futures, Copper Prices on Friday (Sept-10-21) traded at $4.2800 per pound.

Using Granger's Causality, Ordinary Least Square (OLS), and Linear Regression research models, our RIM research team has predicted the prices of US and Canada Copper Scraps for the 13th of September 2021 (Predicted on September 10, 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 for the 13th of September 2021.

Results for Predicted Copper Scrap Price - Sept 13, 2021 [Predicted on Sept 10th]

Copper-Predictions-Comparison - US

Graphical Representation of Actual Copper Scrap Price vs. Predicted

US Copper Scrap Actual Price Vs Predicted Price - Sept 13, 2021

 

Copper prices on the 13th of September settled at $4.2800 per pound in the CME Futures. A broad rally in Copper base metals with tight supply and booming demand pushes Copper prices to multiyear highs.

The surge in commodities, as well as soaring shipping and power costs, is fueling global consumer prices. China’s factory-gate inflation accelerated to a 13-year high, while US consumer prices are forecast to rise by more than 5% for a third straight month. With aluminum prices surging 43% this year, the lightweight metal’s cost-competitiveness against Copper is fading fast.

Copper price in September increases 1.22% from Thursday’s settlement price, touching $4.2800 per pound (Sept-10-21) on the COMEX market in New York.

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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