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Daily Copper Scrap Price Predictions – INDIA (Aug-08-22)

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by - 8/5/2022 710 Views

Copper Scrap prices in India have risen moderately amid slower economic growth and improved demand concerns.

Effective Copper Scrap price forecasting helps to understand the data related to supply-demand sectors to project how each factor influences Copper Scrap prices.

RIM researchers forecasted Copper Scrap prices in India for August 08, 2022, by understanding the correspondence between Copper prices and Copper Scrap Prices.

Learning Copper Scrap price forecasting can create opportunities to benefit investors and traders to generate significant profits when buying and selling Copper Scraps.

Copper Scrap Price Forecast in INDIA for August 08, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 488.53
Brass Hunny (Jamnagar) ₹ 462.42
Copper Utensil (Mumbai) ₹ 594.60
Copper Heavy (Mumbai) ₹ 650.88
Copper Wire (Delhi) ₹ 618.65

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Daily Copper Scrap Price Predictions – INDIA (Aug-08-22)

Copper Scrap Pricing: Supply-Demand Side Challenges

Copper Scrap prices in India (Delhi) have almost declined over four months, hitting 2-year lows of Rs.564 per KG because of strengthening global economic slowdown activities.

In the first quarter of 2022, Copper Scrap prices were trading significantly higher, ranging from Rs.650 to Rs.750 per Kg.

Since then, Copper Scrap prices have begun to trade downward because of the Russia-Ukraine war and Covid outbreaks in major countries, especially in the top scrap metals consumer, China. Finally, slower economic activities globally weakened the demand for Copper Scrap.

Last week, Copper Scrap prices rebounded to Rs.628 per kg on high demand for scrap metals amid supply concerns. But Copper Scrap prices are still lower due to dampened demand concerns from the top scrap metals consumer and other major countries.

Previously Copper and Copper Scrap prices narrowed, which made investors, traders/end-users cancel orders thinking there would be no profit, which probably resulted in low import-export of Copper Scrap in the market, further leading to low Copper Scrap pricing.

Generally, the rise and fall of Copper prices are closely related to the Copper Scrap pricing, which further will improve the Copper Scrap supply to some extent when Copper prices stabilize.

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

Copper Cable Scrap Prices (Mumbai): Rs.645/KG

Copper Heavy Scrap Prices (Mumbai): Rs.642/KG

Copper Utensil Scrap Prices (Mumbai): Rs.587/KG

Copper Wire Scrap Prices (Delhi): Rs.618/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.483/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.467/KG

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Is Copper Prices Bottoming Down Or Rising Up?

Copper prices in India are now trading at Rs.649.15 per Kg on August 05, 22, which is 1.13% or Rs.7.25 higher than the previous settlement price.

Copper prices have dropped 27 per cent since the end of May and more than 34 per cent since the March increase. And the current downward trend in Copper prices is largely due to a slowdown in economic activities and concerns about upcoming central banks' interest rate hikes.

At the start of the second quarter of 2022, Copper prices dropped sharply, hitting almost 20-month lows of Rs.610.30 per KG. And now, Copper prices are improving slightly on moderately high demand amid supply concerns.

At the same time, China's State Grid plans to invest more than 150 billion yuan ($22 billion) in the second half of 2022 in ultra-high voltage power transmission lines, expected to drive demand for Copper Base Metals in the future.

So, we can expect a lower supply, and an improvement in the demand outlook could further boost Copper prices.

China Steps Up Copper Imports Despite Renewed Lockdown

According to statistics, China imported 373,000 tonnes of refined Copper in June, the highest monthly tally this year. Cumulative imports over the year's first half came in at 1.87 million tonnes, up by 4.4% in the first half of 2021.

Mined concentrate imports were also up in the first six months to 8.6% year-on-year. Copper Scrap flows were also 7.3% higher.

Although China's import volume of Copper is still higher, China's micro indicators all suggest the country is running short of Copper right now.

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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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