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Comparison of Indian Copper Scrap Predicted Price and Actual Price [Sept-13-21]

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by - 9/13/2021 469 Views

Copper Prices on the 10th of September traded at Rs.719.50/KG in the MCX Futures

Using research models, namely Ordinary Least Square (OLS), Linear Regression, and Granger's Causality, we have predicted the Indian Copper Scrap prices for the 13th of September 2021 (Predicted on September 10, 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 for the 13th of September.

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

Copper-Predictions-Comparison - India

Graphical Representation of Actual Copper Scrap Price vs. Predicted

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

 

MCX Copper prices  rose on Friday (Sept-10-21) and traded at Rs.719.50. Copper prices decreases due to weak demand in India.

In the first part of September, the Copper price keeps falling and trading at Rs.712/KG. On Friday, Copper price surges and traded at Rs.719.50/KG. According to Commodity experts, volatility will continue in the coming few days. For the past two months, the demand for Copper is declining continuously in the domestic spot market. As a result, the Copper rate on August 20 had reached Rs.692.20/KG i.e. the lowest level.

Experts say that due to low demand in the domestic market, a lot of cuts are being recorded in the deals, due to which the Copper price continued to fall in the market. Meanwhile, again the demand seems to be increasing. Therefore, the Copper rate is soaring now. However, there is also a possibility of an increase in the medium term. In the coming days, we can expect similar fluctuations in Copper prices.

Copper prices in September rose 1.02% or Rs.7.3 from the Thursday’s settlement price (Sept 09, 2021) of 712.20 INR/KG, touching 719.50 INR/KG (Sept 10, 2021) on 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 her. 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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