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Copper Scrap Price Forecast: INDIA - June 24, 22

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by - 6/22/2022 560 Views

Copper Scrap prices in India slipped to four-month lows on increasing negative pressures in the supply and demand sectors.

Copper Scrap price forecasting benefits Copper Scrap traders and investors by better understanding supply-demand issues in base metals and how each factor will affect Copper Scrap prices.

Using Linear Regression and Granger's Causality models, our RIM researchers forecasted Copper Scrap prices in India for June 24, 2022, after understanding the correlation between Copper prices and Copper Scrap Prices.

Copper Scrap price forecasting will help Copper Scrap importers, exporters, recyclers, and other scrap-related industries determine the right time to sell or buy Copper Scraps for maximum profits.

Copper Scrap Price Forecast in INDIA for June 24, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 509.60
Brass Hunny (Jamnagar) ₹ 486.70
Copper Utensil (Mumbai) ₹ 666.33
Copper Heavy (Mumbai) ₹ 731.54
Copper Wire (Delhi) ₹ 686.33

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Copper Scrap Price Forecast: INDIA – June 24, 22

Copper prices in India are trading at Rs.734.7 per KG on June 22, 2022, which is 0.35% down from the previous settlement price on the MCX futures.

On the Supply Side:

Copper prices hit five-month lows on Wednesday due to low inventories in LME warehouses and concerns about supply disruption at the world's largest Copper mine in Chile following the announcement of a nationwide strike in the upcoming days.

A union official said, "Workers at Chile's state-owned Codelco will start a nationwide strike on Wednesday to protest the government and the company's decision to close a troubled smelter.

On the Demand Side:

The Chinese government's strict "zero-COVID" policy to prevent the spread of the coronavirus in major cities has impacted the country's economy and manufacturing activities. The reintroduction of COVID lockdowns has dampened expectations for June demand from the world's largest base metals and scrap metals consumer, China.

Meanwhile, the stronger US dollar index and fears of a global economic recession fuelled by major central banks' unexpected interest rate hikes further pushed the Copper price down to the lowest since Feb 2021.

Copper Scrap prices in India dropped to four-month lows and are now trading at,

Copper Heavy Scrap Prices (Mumbai): Rs.729/KG

Copper Utensil Scrap Prices (Mumbai): Rs.668/KG

Copper Wire Scrap Prices (Delhi): Rs.680/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.506/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.490/KG

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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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