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Indian Copper Scrap Price Forecast (Aug-01-22)

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by - 7/29/2022 900 Views

Copper Scrap prices in India upsurge due to higher Copper prices caused by the ongoing supply disruption at the world's largest Copper mine.

Copper Scrap price forecasting makes us better understand the fluctuation in Copper Scrap prices caused by supply-demand sectors.

Because of the mounting global economic downward trends, investors are on the riskier side to determine the right pricing for Copper Scraps and are also in a difficult state to deciding when to invest in this industry.

To bring out a solution, our RIM researchers forecasted Copper Scrap prices in India for August 01, 2022, by examining the correspondence between Copper prices and Copper Scrap pricing. Linear Regression & Granger's Causality models were used to forecast Copper Scrap prices.

Copper Scrap price forecasting will benefit Copper Scrap traders, investors, and recyclers to determine the right time to buy or sell Copper Scraps at better profits.

Copper Scrap Price Forecast in INDIA for August 01, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 484.40
Brass Hunny (Jamnagar) ₹ 455.93
Copper Utensil (Mumbai) ₹ 585.60
Copper Heavy (Mumbai) ₹ 640.97
Copper Wire (Delhi) ₹ 610.48

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Indian Copper Scrap Price Forecast (Aug-01-22)

Supply-Demand Headwinds In Copper Scrap Prices

According to customs data, imports of Copper Scrap materials totalled 716,100 MT from January to May 2022, representing a 6.74 per cent increase yearly.

Due to the recent drop in Copper prices, overseas suppliers are inclined to supply/export Copper Scrap because they do not see any profit in it; meanwhile, global demand for Copper Scrap rises while domestic demand remains low.

However, in the coming days, it’s hard for the Copper Scrap prices to expand to the previous high level amid the falling Copper prices. And the low Copper prices are forming a negative impact on Copper Scrap’s demand and supply.

Unless Copper prices recover from their lower levels, Copper Scrap prices will also trade on the negative side.

While I write this article, Copper Scrap prices in India are trading at,

Copper Cable Scrap Prices (Mumbai): Rs.648/KG

Copper Heavy Scrap Prices (Mumbai): Rs.641/KG

Copper Utensil Scrap Prices (Mumbai): Rs.584/KG

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

Hunny Yellow Scrap Prices (Jamnagar): Rs.479/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.463/KG

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

Are Copper Prices Bottoming Out or Rising at the End Of July?

Copper prices edged higher at the end of July as major producers alerted of supply risks amid concerns about demand.

Copper prices rose on supply disruption in the largest Copper mines amid demand concerns. Due to the ongoing protest in the world’s largest Copper mine (Chile and Peru), Copper supply was muted.

MMG announced that it had suspended its Copper production targets for the year due to a 60 per cent drop in output caused by a long protest at its Las Bambas mine in Peru. On the other hand, last week, Vale and Antofagasta cut their 2022 Copper production outlook.

Meanwhile, the dollar slipped for a fourth straight session on an interest rate hike decision from the US Federal Reserve, which made the metal cheaper for holders of other currencies

At the end of July, Copper prices are slowly recovering, trading at about Rs.642.4 per kg. Copper prices have recently hit a 20-month low in mid-July of Rs.610.30/KG, as a number of global Copper investors have warned reduced and disrupted supply, especially from key producers, Chile and Peru.

On the other side, the ongoing global recession dampened Copper Base Metals demand in major countries, especially in China. Meanwhile, the re-imposition of Covid lockdowns in China slowed the manufacturing activities and weakened the demand from the top metal consumer.

Copper prices have fallen 27% since the end of May and over 34% since the March hike, at the start of the Russia-Ukraine war. And the current downward trends in Copper prices has largely been due to ongoing fears of major central banks upcoming interest rate hikes and with it, the global economy into recession due to consistent aggressive interest rate hikes.

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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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