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Indian Copper Scrap Price Forecast: October 31, 2022

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by - 10/28/2022 348 Views

Copper Scrap prices in India gained higher on a weaker dollar index

Recently, because of bearish trends, the Copper Scrap market has been under pressure, causing Copper Scrap prices to fluctuate at extreme highs and lows, putting investors at risk of determining exact pricing.

But, knowing our effective Copper Scrap price forecasting helps Copper Scrap traders and scrap-related businesses predict when necessary price increases or decreases by examining data related to supply and demand.

Our Copper Scrap price prediction for India is very accurate, and we predicted it with a difference of 0.5 to 3%. Learning our Copper Scrap price predictions helps investors make a significantly good income by deciding the right time to buy/sell Copper Scrap.

Copper Scrap Price Forecast in INDIA for October 31, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 472.61
Brass Hunny (Jamnagar) ₹ 450.51
Copper Utensil (Mumbai) ₹ 580.02
Copper Heavy (Mumbai) ₹ 635.88
Copper Wire (Delhi) ₹ 601.65

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

Indian Copper Scrap Price Forecast: October 31, 2022

Copper Scrap Prices Gained Significantly At the End Of October

At the start of October, Copper Scrap prices hit one-month highs of Rs.612/Kg on the softer dollar index. Since then, Copper Scrap prices have been fluctuating for more than two weeks on investors' concerns that upcoming interest rate hikes by central banks would dampen the demand.

Consequently, Copper Scrap prices reached three-week lows of Rs.575/KG (October 20) on concerns over the global recession and slower economic activities.

But, today, Copper Scrap prices hiked higher on the weaker dollar index as the aggressive interest rate hikes in the US would result in higher economic activities such as high employment rates and Scrap Metals import.

Signs of rigid economic data boost the Federal Reserve more advantage to raise interest rates quickly. Simultaneously, it increased the value of the dollar and treasury yields, impacting Copper Scrap prices to upsurge.

However, the Copper Scrap market is under pressure because investors anticipate the central bank would raise interest rates by 75 basis points in the November meeting, marking the fourth such increase this year.

The upcoming interest rate hike may push the dollar index higher and cause the Copper Scrap market to be bearish and may affect the demand for Copper Scrap from major economies because of higher rates and a firmer dollar index.

Technically, the Copper Scrap market improved in the closing week of October. Copper Scrap prices in October hit a one-month high of Rs.612/KG and three-week lows of Rs.575/KG.

Will Copper Scrap Prices Stay Constant In the 4th Quarter?

As supply-demand headwinds persist in the fourth quarter and worsen, Copper Scrap prices are expected to fluctuate to unexpected highs and lows until global economic activity stabilizes.

The impact of aggressive interest rate hikes, high energy prices, slower manufacturing activities in major economies, global recession threats, and the ongoing Russia-Ukraine conflict continue to put downward pressure on Copper Scrap prices, causing them to trade at lower levels rather than at higher levels.

But still, Copper Scrap demand volume in the domestic and global markets was quite higher because of the narrowed price differential between Copper Base Metal and Copper Scrap, attracting traders to purchase Copper Scrap rather than Base Metals.

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.

While I write this article, Copper Scrap prices are trading at,

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

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

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

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