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Copper Scrap Price Predictions in India: October 27, 2022

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by - 10/25/2022 371 Views

Indian Copper Scrap prices are under pressure on reduced Scrap Metals demand because of the slowdown economy.

As a leading indicator of the global economy, the Copper market is under pressure because of bearish trends. The Copper Scrap prices fluctuate to sudden highs or sudden lows, pushing the investors to the riskier side to determine the exact pricing.

So, learning our effective Copper Scrap price forecasting can create investment opportunities for traders to generate significant profits when buying and selling Copper Scraps. Our Copper Scrap price prediction for India is very accurate, and we predicted it with a difference of 0.5 to 3%.

Moreover, Copper Scrap price forecasting helps market investors and scrap-related businesses to understand the data related to supply-demand sectors to project how each factor influences Copper Scrap prices.

Copper Scrap Price Forecast in INDIA for October 27, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 471.48
Brass Hunny (Jamnagar) ₹ 449.07
Copper Utensil (Mumbai) ₹ 576.42
Copper Heavy (Mumbai) ₹ 631.83
Copper Wire (Delhi) ₹ 598.33

Market Price Graph of MCX Copper Base Metal (India) – Past 6 Months

Copper Scrap Price Predictions in India: October 27, 2022

Copper Scrap Prices Down On Bearish Demand & Supply Concerns Globally

Supply-Demand Side Headwinds

The bearish outlook on Copper prices and the narrowed price differential between Copper Base Metal and Copper Scrap reduced the scrap metals demand, and the spot trading was average.

Meanwhile, strengthening slower economic activities and global recession directly influence Copper Scrap's demand. According to recent data, British inflation reached a 40-year high, while a US Federal Reserve official stated that the Fed was preparing to raise interest rates further to slow inflation.

In this environment, demand for industrial metals and scrap metals will be considerably reduced, causing Copper Scrap prices to fall significantly in the near future.

Overview of Copper Scrap Prices Since the Fourth Quarter Beginning

Copper Scrap prices have fallen nearly 25% after reaching a historical high in March due to worsening demand-supply issues. Since hitting record-high levels, the Copper Scrap market has been under pressure and rushing to find a stable state in its rally. Still, ongoing global economic activity has made Copper Scrap prices record lows.

Investors expected Copper Scrap prices to rise steadily in the second and subsequent quarters. However, the Copper Scrap market could not maintain a consistent price rally in the second and third quarters. What comes next? Will Copper Scrap Prices Remain Stable in the Fourth Quarter?

Copper Scrap prices worsened in the fourth quarter of 2022 than in the previous quarter. The obstacles that the Copper Scrap had previously faced were reinforced even more in the final quarter.

Copper Scrap prices have been suffering a lot now because of aggressive interest rate hikes, high energy prices, slower manufacturing activities in major economies, global recession threats and the ongoing Russia-Ukraine war.

The Fed nearly raised interest rates three times this year and is planning to raise rates again in November to combat inflation. The hawkish interest rate hikes are significantly impacting copper scrap demand and slowing economic activity.

Even though the Copper Scrap market is under constant pressure, Copper was looking for some positive inputs to maintain all-time highs, which were largely supported only by Chinese demand to reach historic highs. But it hasn't been supported by China, which has faced covid curbs on multiple occasions since the beginning of 2022 and is still finding new covid cases while adhering to the zero-COVID strategy.

On the other hand, The International Monetary Fund has reduced the percentage of global economic growth due to worsening economic activity. Because of ongoing pressures from high energy costs and rate hikes, the IMF reduced its global economic growth forecast for 2023 to 2.7% from 2.9%.

The IMF also reduced China's 2022 growth forecast from 3.3% to 3.2% in July and its 2023 growth forecast from 4.6% to 4.4%. Fears of an economic slowdown, which the International Monetary Fund has recently supported, may cause Copper Scrap prices to move more slowly in the rest of 2022 and the next year.

On the whole, Copper Scrap prices are under pressure and on the bearish track. What is your sentiment on Copper Scrap prices? Bearish or Bullish trend.

Copper Scrap prices in Delhi reached a historic high of Rs.796/KG in March and a month low of Rs.668/KG (January) in the first quarter. Copper Scrap prices reached a high of Rs.758/KG in April and a low of Rs.644/KG in the second quarter (June). Copper Scrap prices reached a high of Rs.646/kg in July and a low of Rs.564/KG in the third quarter (July).

At the time of writing, Copper Scrap prices are trading at,

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

Copper Heavy Scrap Prices (Mumbai): Rs.635/KG

Copper Utensil Scrap Prices (Mumbai): Rs.580/KG

Copper Wire Scrap Prices (Delhi): Rs.586/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.461/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.446/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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