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Comparison of Indian Copper Scrap Price Forecast: Sept 30, 2022

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by - 9/30/2022 333 Views

Due to concerns about poor demand, Indian Copper Scrap prices traded in a negative trend on the last day of September.

With the help of AI and Linear Regression research models, RIM researchers predicted Copper Scrap prices in India for Sept 30, 2022. Our prediction is very accurate, and we predicted Indian Copper Scrap prices with different values of 0.5 to 2%.

Knowing the Copper Scrap price forecast is of great importance for traders/investors and offers insight into price fluctuations, ultimately providing the opportunity of gaining significant profits. Moreover, Copper Scrap price predictions help scrap-related business to stay updated with the current market trends to optimize gains & minimize losses.

Copper Scrap Forecasted Price Vs Actual Price: INDIA (Sept-30-22)

  Copper Scrap Predicted Price Actual Price Diff Diff in %
1 Brass Hunny (Jamnagar) ₹ 460.06 ₹ 452.00 8.06 1.78%
2 Copper Utensil (Mumbai) ₹ 570.64 ₹ 570.00 0.64 0.11%
3 Copper Heavy (Mumbai) ₹ 623.23 ₹ 626.00 2.77 0.44%
4 Copper Wire (Delhi) ₹ 595.54 ₹ 599.00 3.46 0.58%

Market Graph of Copper Wire Scrap Prices - Delhi (Past Six Months)

Comparison of Indian Copper Scrap Price Forecast: Sept 30, 2022

Copper Scrap Prices Ends This Month With A Negative Trend

Copper Scrap prices in India were trading lower on the September closing day, indicating a negative trend this month. Concerns of weaker global economic activities, poor scrap metals demand, higher energy costs, firmer dollar index and aggressive interest rate hikes pressured Copper Scrap and Copper Base Metal prices.

Because of strengthening supply-demand issues, 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.599/KG in the last week of this month. Copper Scrap prices hit a month high of Rs.630/kg and a month low of Rs.585/KG.

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

Copper Cable Scrap Prices (Mumbai): Rs.632/KG

Copper Heavy Scrap Prices (Mumbai): Rs.626/KG

Copper Utensil Scrap Prices (Mumbai): Rs.570/KG

Copper Wire Scrap Prices (Delhi): Rs.599/KG

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

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

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Copper Prices Bounced Back Amid Lower Inventories In Warehouses

Copper prices in India are now trading at Rs.646.9/KG, 0.97% or Rs.6.20/KG, up from the previous closing price in the MCX futures.

Copper prices fell to a two-month low of Rs.630.8/KG last week due to hawkish interest rate hikes; since then, Copper prices have remained relatively low due to strengthening supply-demand issues. Copper prices rebounded from two-month lows on the last day of September due to low inventories in major warehouses.

According to recent statistics, China's bonded warehouse Copper inventories were at an all-time low of 81,800 tonnes. Copper stocks on the SHFE have fallen 78% since March, while COMEX Copper inventories have fallen to their lowest since July 2021.

However, the global outlook for metals demands remained bleak as central banks tightened monetary policy to combat rising inflation. Because of concerns about global demand, Copper inventories have been supported by not falling to historic lows.

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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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