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Copper Scrap Price Predictions for September 30, 2022: INDIA

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by - 9/28/2022 673 Views

Copper Scrap prices in India tumbled to their lowest level in more than three weeks, worrying over the recent interest rate hike negatively affecting metals demand.

By analyzing the correlation between Copper prices and Copper Scrap prices, RIM researchers forecasted Copper Scrap prices in INDIA for September 30, 2022, with the help of AI and Linear Regression/Granger's Causality research models.

Our Copper Scrap price forecasting can develop investment options for scrap traders/investors because small price increases or decreases in forecasting accuracy can generate significant profits. Meanwhile, the Copper Scrap price forecast assists scrap-related businesses in better understanding current market trends related to supply and demand concerns that impact Copper Scrap pricing.

Copper Scrap Price Forecast in India For September 30, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 485.41
Brass Hunny (Jamnagar) ₹ 460.06
Copper Utensil (Mumbai) ₹ 570.64
Copper Heavy (Mumbai) ₹ 623.23
Copper Wire (Delhi) ₹ 595.54

Market Price Graph of the MCX Copper Base Metal (INDIA)

Copper Scrap Price Predictions for September 30, 2022: INDIA

Copper Scrap Prices Dropped Dramatically On Grim Demand Outlook

Copper Scrap prices in India slumped for more than three weeks on a hawkish interest rate hike, firmer dollar, slowdown in economic activities and weaker demand concerns.

The expected interest rate hike by the US Fed is likely to last longer than previously anticipated, dampening Scrap Metals demand even further. As a result of the higher interest rate, the dollar index rose to its maximum level in two decades, making commodities priced in US dollars more expensive for buyers using other currencies.

However, China's sharp supply and rising demand have recently supported Scrap Metals and Copper Base Metals Prices. As central banks worldwide aggressively raise interest rates to combat persistently high inflation, the economic growth outlook has weakened, threatening demand for industrial metals and pressuring Copper Scrap prices.

Copper Scrap prices are expected to fall further in the coming days due to a worsening macroeconomic outlook, lower industrial production in China, and high global inflation levels.

Copper Scrap prices in India (Delhi) were significantly lower at the start of the second quarter, with a high of Rs.598/KG. Copper Scrap prices gradually increased by Rs.612 in the second week. As a result, Copper Scrap prices reached near one-month highs of Rs.630/KG in the third week. Copper Scrap prices have fluctuated since then, approaching a low of Rs.602/KG in the last week of this month.

As of today, Copper Scrap prices in India are at,

Copper Cable Scrap Prices (Mumbai): Rs.630/KG

Copper Heavy Scrap Prices (Mumbai): Rs.625/KG

Copper Utensil Scrap Prices (Mumbai): Rs.572/KG

Copper Wire Scrap Prices (Delhi): Rs.596/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.467/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.452/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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