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Daily Indian Copper Scrap Price Predictions (Aug-31-22)

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by - 8/29/2022 455 Views

Copper Scrap prices in India continue to fluctuate on supply-demand concerns and slower global economic downward momentum.

Copper Scrap price predictions help us better understand the aspects related to supply and demand to project how each factor affects Copper Scrap pricing.

Our RIM researchers analysed the correlation between Copper Scrap prices and Copper Base Metal pricing with the help of Granger’s Causality/Linear Regression research models; predicted the Copper Scrap prices for August 31, 2022.

Knowing our Copper Scrap price forecasting helps Copper Scrap traders/investors and scrap-related businesses find the right time to buy or sell Copper Scrap at higher profits.

Copper Scrap Prices Forecast for August 31, 2022, in India

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 495.65
Brass Hunny (Jamnagar) ₹ 472.30
Copper Utensil (Mumbai) ₹ 610.13
Copper Heavy (Mumbai) ₹ 667.83
Copper Wire (Delhi) ₹ 632.34

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Daily Indian Copper Scrap Price Predictions (Aug-31-22)

Copper Scrap Prices In India Are Fluctuating Amid Weak Global Economic Trends

Since hitting a month high of Rs.642 per Kg, Copper Scrap prices (Delhi) continued to fluctuate on supply-demand concerns and slower global economic downward momentum.

Although Copper Scrap prices have fallen from a record high in March, they are moderately high now. Copper Scrap import seems to improve as the Covid pandemic has recovered in major countries, including China.

Copper Scrap prices have been fluctuating for over two weeks on concerns over China's demand for scrap metals. Also, because of high energy prices, production activities were cut down in Europe, Japan and China, so it is expected Copper Scrap prices will fluctuate or drop further in the upcoming days.

According to Bank of America analysts, European Copper smelters would lose $2.7 billion without state support or price hedges due to high energy costs. "High power costs have already caused temporary shutdowns at aluminium and zinc smelters in Europe," he added.

According to data released on Tuesday, manufacturing in Europe has contracted this month, while manufacturing activity in Japan has slowed.

Overview of Copper Scrap Prices In The Second Quarter Of 2022

Since hitting a historical high in March, Copper Scrap prices dropped quickly because of tightening demand-supply side issues. Copper Scrap prices in May were trading significantly higher at Rs.746 and a low of Rs.698.

In July, because of strict covid lockdowns in China, scrap metals import and manufacturing activities were largely affected in the top scrap metals consumer "China". As a result, Copper Scrap prices were traded at a month high of Rs.718/KG and a low of Rs.644/KG.

Copper Scrap prices dropped nearly 20-month lows of Rs.564/KG in July due to the strengthening of slower economic activities and global recession. Amid bleak global economic downward trends and higher interest rate hikes, Copper Scrap prices hit a month high of Rs.642 in Mid-August and since then, fluctuating and are now 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

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Copper Prices Fell After Rebounding To Two-Month Highs

Copper prices in India on Monday decreased 0.60% or Rs.4.10 from two-month highs and are now trading at Rs.677.3/KG in the MCX futures.

Copper prices have crawled forward in the past few weeks as demand remains relatively stable and the US dollar index remains firmer. As a result, Copper prices rose two-month highs of Rs.681.40/KG, which was the highest point since July.

Copper had a difficult performance between May and July as strengthening demand-supply side issues, Covid limitations in China, interest rate hikes in US and Japan, slower global activities, weakened manufacturing activities. All these criteria pushed Copper prices to nearly 20-month lows of Rs.610.30/KG in Mid-July.

Recently, Copper prices were trading moderately high as improving demand growth from China. According to data, 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.

On the other hand, the country’s total trade surplus widened to over $100 billion. This indicates that business activity in the world’s biggest Copper buyer is still robust. If this scenario continues in the coming days, Copper prices will soon rebound and remain at a high level.

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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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