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Comparison Of Indian Copper Scrap Price Forecast (Aug-31-22)

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by - 8/31/2022 469 Views

Copper Scrap prices in India dropped dramatically on aggressive US Fed interest rate hikes.

In general, knowing Copper Scrap price forecasting helps investors and traders keep abreast of the markets and helps them decide the right time to maximize gains & pare losses when buying/selling Copper Scrap.

Our RIM research team has been forecasting Copper Scrap prices in India with the help of AI and linear regression research models for several months. Our analysis was accurate, and we predicted Copper Scrap prices with a 0.5 to 4% difference.

Consequently, we have forecasted the Copper Scrap prices in India for August 31, 2022. Let us now compare the Copper Scrap forecast price and the actual Copper Scrap price in India on August 31. (Forecasted on August 29, 2022)

Copper Scrap Forecasted Price Vs. Actual Price in India - Aug 31, 22

  Copper Scrap Predicted Price Actual Price Diff Diff in %
0 Hunny Yellow (Jamnagar) ₹ 495.65 ₹ 493.00 2.65 0.54%
1 Brass Hunny (Jamnagar) ₹ 472.30 ₹ 477.00 -4.70 -0.99%
2 Copper Utensil (Mumbai) ₹ 610.13 ₹ 605.00 5.13 0.85%
3 Copper Heavy (Mumbai) ₹ 667.83 ₹ 656.00 11.83 1.80%
4 Copper Wire (Delhi) ₹ 632.34 ₹ 610.00 22.34 3.66%

Market Price Graph of Copper Wire Scrap in INDIA (Delhi)

Daily Copper Scrap Price Forecast INDIA - August 31, 2022

Copper Scrap Prices Down Substantially With Low Copper Prices

Copper Scrap prices are inherently associated with Copper Base Metal pricing. At present, Copper Scrap prices dropped for the third straight day on a hawkish interest rate hike by the US central bank to down inflation, probably weakening the scrap metals demand and increasing supply risks.

Previously, Copper Scrap prices in mid-August hit 5-week highs on tightening demand concerns. Since then, Copper Scrap prices have been fluctuating and indicating a positive signal, and investors expected that Copper Scrap prices would end the second quarter with a positive outlook.

But Copper Scrap prices were currently down to three-week lows signalling negatively at the closing day of the second quarter of 2022. On the other hand, Copper prices continued to decline this week; it is expected that the demand for Copper Scrap will improve as the price spread between Copper Scrap and Copper Base Metals narrow quietly.

Copper prices in India on Wednesday traded at Rs.664.45/KG (August-31-22), down 2.49% from recent 5-week highs in mid-August.

Overview of Copper Scrap Prices In The Second Quarter Of 2022

Copper Scrap prices have fallen quickly since reaching a historical high in March due to strengthening demand-supply issues. Copper Scrap prices in May were consistently greater, with a high of Rs.746 and a low of Rs.698.

Scrap metals import and manufacturing activities in the top base metals/scrap metals consumer "China" were severely hampered in July due to strict covid lockdowns. As a result, Copper Scrap prices surpassed a month high of Rs.718/KG and a month low of Rs.644/KG.

Copper Scrap prices fell to nearly 20-month lows of Rs.564/KG in July due to slower economic activity and a global recession. Copper Scrap prices hit a month high of Rs.642 in mid-August amidst bleak global economic downward trends and have since fluctuated.

Copper Scrap prices reached 3-week lows at the end of the second quarter of 2022, indicating a downward trend, and are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.662/KG

Copper Heavy Scrap Prices (Mumbai): Rs.656/KG

Copper Utensil Scrap Prices (Mumbai): Rs.605/KG

Copper Wire Scrap Prices (Delhi): Rs.610/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.493/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.477/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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