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Comparison: Daily Copper Scrap Price Predictions INDIA – June 22, 22

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by - 6/23/2022 1321 Views

Copper Scrap prices in India reached fourth-month lows on mounting global economic recession fears.

Copper Scrap price forecasting helps investors and traders keep abreast of the markets and helps them decide the right time to maximize gains & pare losses when buying or selling Copper Scrap.

By analyzing the correspondence between Copper prices and Copper Scrap prices, our RIM research team forecasted Copper Scrap prices in India for over a year. Our research was successful, and we accurately forecasted Copper Scrap prices in India with a difference value of 0.5 to 2%.

Consequently, we have forecasted the Copper Scrap prices in India for June 22, 2022. Let us now compare the Copper Scrap forecast price and the actual Copper Scrap price in India on June 22. (Forecasted on June 20, 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) ₹ 511.45 ₹ 506.00 5.45 1.08%
1 Brass Hunny (Jamnagar) ₹ 489.37 ₹ 490.00 -0.63 -0.13%
2 Copper Utensil (Mumbai) ₹ 670.03 ₹ 668.00 2.03 0.30%
3 Copper Heavy (Mumbai) ₹ 735.66 ₹ 729.00 6.66 0.91%
4 Copper Wire (Delhi) ₹ 689.77 ₹ 680.00 9.77 1.44%

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

Comparison: Daily Copper Scrap Price Predictions INDIA – June 22, 22

Copper prices in India hit 8-month lows and are trading at Rs.720.35 per Kg on June 23, 2022, which is 1.95% or Rs.14.35 down from the previous close price in the MCX futures.

Copper Wire Scrap in Delhi is now trading at Rs.676 per KG, and Copper Utensil Scrap in India is trading at Rs.655 per KG lowest since February.

Copper prices tumbled on Thursday to their lowest level since November 2021 as mounting fears over a global economic slowdown. Meanwhile, a rise in COVID-19 cases in key consumer China and aggressive US interest rate hikes weakened scrap metals and base metals demand.

Copper prices remain under pressure due to a complicated demand outlook from the top consumer China, which is experiencing new Covid cases daily. Mainland China reported 135 new coronavirus cases on June 22, compared with 126 new cases a day earlier, the National Health Commission said.

Similarly, factory activity growth in Japan, Europe, Asia, and other major countries slowed in June as China's strict COVID-19 restrictions weighed on manufacturing demand.

Because of sudden interest rate hikes by major central banks, European stocks fell along with US futures and Asian equities, causing an economic downturn. On the other hand, the aggressive interest rate hike pushed the US dollar index to record high levels adding negative pressures on Copper prices.

On the supply side, Chilean state-owned Copper producer Codelco, the world's largest Copper producer, went on strike against closing a polluting smelter in the country's central zone on Wednesday.

The Federation of Copper Workers at Chilean Mine said, "About 50,000 Copper workers, including Codelco's employees and contractors, joined the nationwide strike on Wednesday." The strike at the world's largest Copper mine disrupted supply and pushed Copper prices even lower.

Copper Scrap prices in India have continued to fall for the fourth week and are now trading at,

Copper Utensil Scrap Prices (Mumbai): Rs.655/KG

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

Hunny Yellow Scrap Prices (Jamnagar): Rs.501/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.485/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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