Copper Scrap price forecasting connects Copper Scrap traders and investors in staying on top of the scrap markets and helping them move at the right time to maximize gains and minimize losses.
By understanding the correlation between Copper pricing and Copper Scrap prices, our RIM researchers have predicted the Copper Scrap prices in India for June 13, 2022, with the help of Linear Regression and Granger’s Causality models.
Copper Scrap Prices Forecast for June 13, 2022, in INDIA
| Copper Scrap | Predicted Price |
| Hunny Yellow (Jamnagar) | ₹ 532.91 |
| Brass Hunny (Jamnagar) | ₹ 520.76 |
| Copper Utensil (Mumbai) | ₹ 714.46 |
| Copper Heavy (Mumbai) | ₹ 784.23 |
| Copper Wire (Delhi) | ₹ 731.36 |
Graphical Representation of MCX Copper Base Metal Price (INDIA)
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Copper Scrap prices in India currently slipped due to renewed Covid lockdowns in China, weighing on the slowing growth of scrap metals demand.
Demand Side:
Copper prices fell as a stronger US dollar index and concerns about demand from China, the world's largest base metals and scrap metals consumer. China planned to account for millions of people in the coming days for Covid-19 testing due to emerging Covid cases in major cities, causing new lockdown restrictions in the days ahead.
On the other hand, the dollar index was at a two-week high versus the euro, which also weighed on Copper prices, causing them to fall even further.
Supply Side:
On Thursday, a group of indigenous Peruvian communities agreed to suspend their protest against MMG Ltd.’s Las Bambas Copper mine, which had forced the company to stop operations for more than 50 days. Copper supply from mines is expected to increase in the coming days to meet consumer demand.
Copper prices are trading at Rs.776.05 per Kg on June 11, 2022, in the MCX futures, which is 0.76% down from the previous close price.
As of today, Copper Scrap prices in India are trading at,
Copper Cable Scrap Prices (Mumbai): Rs.772/KG
Copper Heavy Scrap Prices (Mumbai): Rs.763/KG
Copper Utensil Scrap Prices (Mumbai): Rs.695/KG
Copper Wire Scrap Prices (Delhi): Rs.700/KG
Hunny Yellow Scrap Prices (Jamnagar): Rs.518/KG
Brass Hunny Scrap Prices (Jamnagar): Rs.502/KG
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