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Daily Copper Scrap Price Predictions: INDIA (July-23-22)

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by - 7/21/2022 718 Views

Copper Scrap prices in India have reached nearly 20-month lows, the biggest yearly drop because of escalating global economic downward trends.

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 July 23, 2022, after understanding the correlation between Copper prices and Copper Scrap Prices.

Copper Scrap price forecasting will help Copper Scrap scrap-related industries determine the right time to sell or buy Copper Scraps for maximum profits.

Copper Scrap Price Forecast in INDIA for July 23, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 478.11
Brass Hunny (Jamnagar) ₹ 445.80
Copper Utensil (Mumbai) ₹ 571.77
Copper Heavy (Mumbai) ₹ 625.83
Copper Wire (Delhi) ₹ 598.02

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Daily Copper Scrap Price Predictions: INDIA (July-23-22)

Overview Of Copper Scrap Prices

The rapid decline in Copper prices is highly affecting the demand for Copper Scrap, gradually decreasing Copper Scrap prices.

Because of the global recession and interest rate hikes, manufacturing activity has lessened, reducing the import of Copper Scrap. Consequently, low consumption and poor demand for the metal also weighed on Copper Scrap pricing.

Another main reason for the drop in Copper Scrap prices is the re-imposition of Covid lockdowns in the top scrap metals consumer; China reduced the import of scrap metals, further lowering Copper Scrap prices.

Copper Scrap prices in India have reached nearly 20-month lows, the biggest yearly drop, and are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.630/KG

Copper Heavy Scrap Prices (Mumbai): Rs.624/KG

Copper Utensil Scrap Prices (Mumbai): Rs.594/KG

Copper Wire Scrap Prices (Delhi): Rs.590/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.470/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.454/KG

Daily Scrap Prices is now accessible on WhatsApp; sign up now to receive daily Copper Scrap Prices in seconds via WhatsApp.

Supply-Demand Side Crisis in Copper Base Metal Pricing

Copper prices in India are now trading at Rs.623.1 per KG on July 21, 2022, which is Rs.10.50 or 1.66% lower than the previous settlement price.

Copper prices dropped on Thursday due to worries over mounting global economic downward trends and slowing China’s demand amid a weaker US dollar index.

Copper prices have declined 30% from the recent march hike of Rs.871 per KG, and the decline in Copper prices indicates that the global economy is in trouble, causing a global recession.

A weaker US dollar index has recently helped greenback metal pricing commodities cheaper for buyers using other currencies. At the same time, the dollar index had already reached 20-year highs as sky-high inflation and rapidly rising interest rates drove many countries into recession.

On the Demand Side

China accounted for about half of global Copper consumption and is considered the world’s largest consumer of Base Metals and Scrap Metals. The reoccurrence of the omicron variant Covid in China significantly impacted the global economy.

The country’s COVID-19 restrictions have dampened market expectations of a quick recovery in Copper and other base metals demand. Although China is not in recession, COVID-19 restrictions have curbed industry and dampened manufacturing activity.

Investors anticipated that China would recover from Covid lockdowns in July and that demand for Copper Base Metals would increase. However, China’s lockdowns and demand headwinds are not yet over. The Covid outbreak in China is escalating and significantly impacting Copper prices.

Japanese Bank Nomura said 41 Chinese cities were implementing full or partial lockdowns or district-based control measures, affecting 22.8% of the country’s gross domestic product.

On the Supply Side

Because of poor Copper consumption globally, Copper stocks have strengthened. Copper stocks LME registered warehouses rose from 5,925 tonnes to 136,200 tonnes, up 20%.

Interest Rate Hikes

The major central banks have decided to raise the interest rates and expect a 75-basis-point US interest rate rise next week rather than a 100-basis-point increase that would have been more damaging to economic growth.

Meanwhile, European Central Bank can increase a bigger-than-expected 50-basis-point rate in the coming days. The increase in interest rates greatly damages the Copper Base Metals demand and lowers Copper pricing.

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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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