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Comparison: Daily Copper Scrap Price Predictions INDIA (JUNE-20-22)

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by - 6/21/2022 913 Views

Copper Scrap prices in India decline to three-month lows on fears over an increasing global recession.

Copper Scrap prices are recently influenced and keep decreasing due to the current global economic slowdown, making it difficult for investors to determine the proper pricing for Copper Scraps.

Copper Scrap price forecast will benefit Copper Scrap traders, investors, and scrap-related businesses in deciding when to invest and buy/sell Copper Scrap at increased profits.

Our RIM researchers forecasted the Copper Scrap prices in India for June 20, 2022, using AI and Linear Regression models after understanding the correlation between Copper prices and Copper Scrap Prices.

Our forecast is very accurate, with more than 98 per cent accuracy. Let us now compare the Copper Scrap forecast price and the actual Copper Scrap price in India for June 20, 2022, which is forecasted on June 17, 2022.

Copper Scrap Forecasted Price Vs. Actual Copper Scrap Price in INDIA

  Copper Scrap Predicted Price Actual Price Diff Diff in %
0 Hunny Yellow (Jamnagar) ₹ 517.57 ₹ 511.00 6.57 1.29%
1 Brass Hunny (Jamnagar) ₹ 498.11 ₹ 495.00 3.11 0.63%
2 Copper Utensil (Mumbai) ₹ 682.30 ₹ 675.00 7.30 1.08%
3 Copper Heavy (Mumbai) ₹ 749.53 ₹ 733.00 16.53 2.26%
4 Copper Wire (Delhi) ₹ 701.62 ₹ 688.00 13.62 1.98%

Market Price Graph of Copper Wire Scrap in INDIA (Delhi)

Comparison: Daily Copper Scrap Price Predictions INDIA (JUNE-20-22)

Copper Scrap prices in India decline to three-month lows on worries over increasing economic slowdown globally.

On the Demand Side:

Because of renewed Covid outbreak in June, China, the world's largest consumer of base metals and scrap metals, declared city-wide lockdowns, resulting in slower industrial activity and a weakening demand outlook.

"Mainland China reported 109 new coronavirus cases for June 19, of which 38 were symptomatic and 71 were asymptomatic, the National Health Commission said on Monday.

Furthermore, central banks, including the United States Federal Reserve, increased interest rates last week, causing concern about a potential global recession and also adding negative pressure on Copper prices.

On the Supply Side:

Meanwhile, supply-side issues were becoming more complicating by the day. Las Bambas Copper Mine in Peru resumed operations last week after more than 50 days of protest.

Concurrently, workers at Chile's state-owned miner Codelco, the world's largest copper producer, announced on Saturday that they were preparing for a national strike after the company announced the closure of its Ventanas smelter.

As a result, if the Chilean Copper mine goes on strike, there will be significant supply chain disruptions in Copper Base Metal, impacting Copper prices in the coming days.

Copper prices in India declined to three-month lows and are trading at Rs.737.3 per Kg on June 21, 2022, which is 0.20% up from the previous close price.

Copper Scrap prices are now trading at,

Copper Heavy Scrap Prices (Mumbai): Rs.735/KG

Copper Utensil Scrap Prices (Mumbai): Rs.665/KG

Copper Wire Scrap Prices (Delhi): Rs.694/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.511/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.495/KG

Daily Scrap Prices is also now accessible on WhatsApp; sign up now to know about Copper Scrap Prices in seconds.

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Category : General

Tags : Copper, Copper Prices, Copper Scrap, Copper Scrap Prices, Copper Scrap Price Forecast India, Copper Scrap Price Predictions INDIA


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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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