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Indian Copper Scrap Price Forecast – Comparison (Aug-22-22)

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by - 8/22/2022 486 Views

Effective Copper Scrap price forecasting benefits Copper Scrap traders and investors better decide the right time to buy or sell Copper Scrap at higher profits.

For over a year, our RIM research team has been analyzing Copper Prices and Copper Scrap Prices with the help of AI. As a result, we have been in the process of forecasting Copper Scrap prices in India for several months. Our analysis was accurate, and we predicted Copper Scrap prices with a 0.5 to 2% difference.

Consequently, using Linear Regression and Granger's Causality, we forecasted Copper Scrap prices in India for August 22, 2022. We forecasted the Indian Copper Scrap price with a difference of 0.5 to 1%. Now let's compare the predicted Copper Scrap price and the actual Copper Scrap price in India for August 22, 2022.

Copper Scrap Forecasted Price Vs. Actual Price in India - Aug 22, 22

  Copper Scrap Predicted Price Actual Price Diff Diff in %
0 Hunny Yellow (Jamnagar) ₹ 494.52 ₹ 494.00 0.52 0.11%
1 Brass Hunny (Jamnagar) ₹ 470.78 ₹ 478.00 -7.22 -1.51%
2 Copper Utensil (Mumbai) ₹ 610.36 ₹ 610.00 0.36 0.06%
3 Copper Heavy (Mumbai) ₹ 668.35 ₹ 666.00 2.35 0.35%
4 Copper Wire (Delhi) ₹ 632.99 ₹ 630.00 2.99 0.47%

Market Price Graph of Copper Wire Scrap (Delhi)

 

Indian Copper Scrap Price Forecast – Comparison (Aug-22-22)

Copper Scrap Prices Remains High Amid Tight Supply

Supply Copper Scrap prices in India keep rising and have almost hit seven-week highs on increasing Chinese imports and demand.

As the price spread between Copper Base Metals and Copper Scrap failed to narrow despite rebounding Copper prices hitting one-month highs, thus Copper Scrap supply was quite tight now.

Copper Scrap prices were hovering around Rs.700 to Rs.720 per kg in the first week of July. Then, Copper Scrap prices decreased from Rs.700 to Rs.600 per kg in the second week of July. Consequently, in mid-July, Copper Scrap prices hit a 17-month low of Rs.564 per kg.

Since then, Copper Scrap prices stopped falling and started to rebound and are now increased to 7-week highs of Rs.642 per Kg.

As of now, Copper Scrap prices in India are trading at,

Copper Cable Scrap Prices (Mumbai): Rs.671/KG

Copper Heavy Scrap Prices (Mumbai): Rs.666/KG

Copper Utensil Scrap Prices (Mumbai): Rs.610/KG

Copper Wire Scrap Prices (Delhi): Rs.630/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.494/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.478/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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