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Indian Copper Scrap Price Forecast (Aug-30-22)

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by - 8/27/2022 507 Views

Copper Scrap prices in India are moderately high, supported by increased Chinese demand concerns.

By analyzing the correlation between Copper prices and Copper Scrap prices, our RIM research team forecasted Copper Scrap prices in India for August 30, 2022, using Linear Regression and Granger's Causality research models.

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

Copper Scrap Prices Forecast for August 30, 2022, in India

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 500.20
Brass Hunny (Jamnagar) ₹ 478.29
Copper Utensil (Mumbai) ₹ 626.75
Copper Heavy (Mumbai) ₹ 686.55
Copper Wire (Delhi) ₹ 647.91

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Indian Copper Scrap Price Forecast (Aug-30-22)

Copper Scrap Prices Indicate A Positive Trend At the End Of August

Copper Scrap prices in India are moderately high, supported by increased Chinese demand concerns. In the final week of August, Copper Scrap prices indicate a positive signal of an improved demand outlook in China amid bleak global economic activity.

As the global market has recovered from the covid-19 pandemic, the demand for Copper Scrap was quite high. On the other hand, Copper prices have stayed lower than 30% since the March peak, and Copper scrap has benefited greatly.

Generally, the increase and decline of Copper Scrap prices are related to Copper pricing. As Copper prices continue to rise automatically, Copper Scrap prices also exceed.

At the start of August, Copper Scrap prices dropped, trading between Rs.600 and Rs.630 per kg. Since then, Copper Scrap prices have kept improving, reaching five-week highs of Rs.642 per kg in mid-August, supported by moderate demand growth from the top base metals and scrap metals consumer "China."

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

Copper Cable Scrap Prices (Mumbai): Rs.674/KG

Copper Heavy Scrap Prices (Mumbai): Rs.669/KG

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

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

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

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

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

Copper Prices: Is Copper Prices Remain High Amid Bleak Economic Activities?

Copper prices in India have increased 1.05% or Rs.7.15/KG from the previous closing price and are now trading at Rs.688.15/Kg (Aug-27-22) on the MCX futures. Copper prices have fallen nearly 30% from a March peak of Rs.871/KG but remain relatively high.

Copper prices remained mildly bid at a monthly high on Saturday, after a pullback from a five-week high. Recently, Copper prices increased as signs of improved demand growth from the world's leading scrap metals and base metals consumer, "China." Meanwhile, fears over sky-high energy costs and low inventories in warehouses furtherly supported Copper prices.

On the other hand, rising concerns about the global economic downturn and aggressive interest rate hikes may cause Copper prices to fall to multi-year lows in the coming days. Furthermore, the Peruvian community announced that Copper prices would fall to record lows due to fewer disruptions and increased output at Anglo American's AAL.L Quellaveco mine.

According to the economy ministry's forecasts released on Thursday, Peru, the world's second-largest copper producer, expects the metal's price to fall to $3.40 per ounce in 2023 from an average of $3.90 this year. According to official statistics, Peruvian mining output has fallen 10% this year.

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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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