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Indian Copper Scrap Price Predictions Comparison (Sept-22-22)

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by - 9/22/2022 287 Views

Copper Scrap prices in India are relatively lower concerning low demand and slower economic activities globally.

In general, learning the Copper Scrap price forecast will assist traders/investors in staying up to date on the markets and becoming aware of scrap price fluctuations to maximize gains and minimize losses when buying/selling Copper Scrap.

Copper Scrap prices are now fluctuating, and the scrap market is in a bearish trend. Furthermore, investors are taking a risk in determining the actual Copper Scrap pricing. To find a solution, our RIM researchers used AI and Linear regression research models to forecast Copper Scrap prices in India by analyzing the correlation between Copper Base Metals prices and Copper Scrap prices.

We have been continuously predicting the Copper Scrap price in India on a daily basis, and our prediction was very accurate, with a difference of 0.1 to 2%. Let us now compare the Copper Scrap forecast price and the actual Copper Scrap price in India on September 22. (Forecasted on September 20, 2022)

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

  Copper Scrap Predicted Price Actual Price Diff Diff in %
0 Hunny Yellow (Jamnagar) ₹ 491.07 ₹ 479.00 12.07 2.52%
1 Brass Hunny (Jamnagar) ₹ 467.17 ₹ 463.00 4.17 0.90%
2 Copper Utensil (Mumbai) ₹ 590.89 ₹ 585.00 5.89 1.01%
3 Copper Heavy (Mumbai) ₹ 646.03 ₹ 641.00 5.03 0.78%
4 Copper Wire (Delhi) ₹ 614.35 ₹ 609.00 5.35 0.88%

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

Indian Copper Scrap Price Predictions Comparison (Sept-22-22)

Copper Scrap Prices Are Now at Bearish Trends, Not for the Long Term

Copper Scrap prices in India have been declining since the beginning of the month, owing to concerns about low demand due to the Fed's hawkish rate hike. The continuous decline in Copper Scrap prices is due to the threat of upcoming interest rate hikes by major central banks, which has further impacted the scrap market and weakened demand.

However, because of the narrowing price differential between Copper Base Metals and Copper Scrap, traders/investors import Copper Scrap rather than base metals.

Meanwhile, the spread of covid in major Chinese cities will dampen imports and demand for Scrap Metals and Base Metals in the coming days. Furthermore, as energy prices rose, major economies such as Europe and Japan reduced production, resulting in low demand.

Copper Scrap prices are hardly on the darker side, indicating a short-term bearish trend. Copper Base Metal, a leading indicator of global economic health, is currently facing weakening demand and supply risks in times of high inflation, influencing Copper Scrap prices.

Copper prices in India are now trading at Rs.647.4/KG, up 0.13% from the previous closing price in the MCX futures. Currently, Copper Scrap prices in India are fluctuating and are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.641/KG

Copper Heavy Scrap Prices (Mumbai): Rs.645/KG

Copper Utensil Scrap Prices (Mumbai): Rs.585/KG

Copper Wire Scrap Prices (Delhi): Rs.609/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.479/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.463/KG

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Category : General

Tags : Copper, Copper Prices, Copper Scrap, Copper Scrap Prices, Indian Copper Scrap Price Forecast, 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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