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Indian Copper Scrap Price Forecast (Aug-16-22)

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by - 8/13/2022 820 Views

Copper Scrap prices in India rebounded on high demand for scrap metals amid supply concerns.

By analyzing the correlation between Copper prices and Copper Scrap prices, our RIM research team forecasted Copper Scrap prices in India for August 16, 2022, using Linear Regression and Granger's Causality models.

Copper Scrap prices are inherently related to Copper Base Metal pricing. Copper Scrap price forecasting helps us understand current market trends in the scrap business and the external factors that influence Copper and Copper Scrap prices.

Copper Scrap Price Forecast in INDIA for August 16, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 497.37
Brass Hunny (Jamnagar) ₹ 474.61
Copper Utensil (Mumbai) ₹ 619.28
Copper Heavy (Mumbai) ₹ 678.32
Copper Wire (Delhi) ₹ 641.20

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Indian Copper Scrap Price Forecast (Aug-16-22)

Copper Scrap prices rise on unexpected US inflation amid worries of aggressive rate hikes that could dampen growth and metals demand.

Meanwhile, Copper prices continue to rise, so the price increase in Copper Scrap is expected to exceed. At the same time, the Copper Scrap supply was tight as China was back on the market and had started importing Copper Scrap. China’s Copper cathode output was 840,000 mt in July, down 2% MoM and up 1.1% YoY, SMM data showed.

At the end of this week, Copper Scrap prices in India are trading at positive momentum. Meanwhile, unexpected Chinese Copper Scrap import data significantly supported Copper Scrap prices.

Copper Scrap prices in India (Delhi) have nearly fallen over four months, reaching two-year lows of Rs.564 per KG as global economic slowdown activities have strengthened.

And now, Copper Scrap prices rebounded on high demand for scrap metals amid supply concerns. Copper Scrap prices in India hit a one-month high and are trading at,

Copper Cable Scrap Prices (Mumbai): Rs.680/KG

Copper Heavy Scrap Prices (Mumbai): Rs.675/KG

Copper Utensil Scrap Prices (Mumbai): Rs.620/KG

Copper Wire Scrap Prices (Delhi): Rs.642/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.491/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.475/KG

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Copper Prices Get A Boost From Improving Chinese Import Data

Copper prices in India hit one-month highs of Rs.676.3 per KG on the MCX futures. Copper prices are now rising on improved scrap metals demand amid low inventories and US inflation fears.

According to data, 231,000 tonnes of Copper are stored in warehouses monitored by the LME, the Shanghai Futures Exchange, and the COMEX exchange in New York, down from around 375,000 tonnes a year ago.

Copper prices are up on US inflation hike and global recession fears amid hopes that upcoming interest rate hikes would be less aggressive. Meanwhile, the softening US dollar index pushed Copper prices further up.

At the same time, Copper prices were boosted by stronger Copper imports data from China. According to statistic, China’s Copper imports rose to 463,693 tonnes in July, up 9.3% from a year earlier, as the sharp drop in Copper prices triggered importing.

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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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