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Comparison Of Indian Copper Scrap Price Forecast (Oct-31-22)

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by - 10/31/2022 1050 Views

Copper Scrap prices in India are down from 3-week highs on expectations of the US Fed interest rate hike this week.

By understanding the correlation between Copper prices and Copper Scrap prices with the help of AI and linear regression research models, our RIM researchers forecasted Copper Scrap prices in India for October 3, 2022.

Our analysis was very accurate, and we predicted Copper Scrap prices in India with a 0.5 to 3% difference. Generally, an effective Copper Scrap price forecast can create investment opportunities for Copper Scrap traders and other scrap-related businesses to generate significant profits when buying/selling Copper Scraps.

Copper Scrap Forecasted Price Vs. Actual Price in India - Oct 31, 22

  Copper Scrap Predicted Price Actual Price Diff Diff in %
0 Hunny Yellow (Jamnagar) ₹ 472.61 ₹ 460.00 12.61 2.74%
1 Brass Hunny (Jamnagar) ₹ 450.51 ₹ 445.00 5.51 1.24%
2 Copper Utensil (Mumbai) ₹ 580.02 ₹ 575.00 5.02 0.87%
3 Copper Heavy (Mumbai) ₹ 635.88 ₹ 637.00 1.12 0.18%
4 Copper Wire (Delhi) ₹ 601.65 ₹ 590.00 11.65 1.97%

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

Comparison Of Indian Copper Scrap Price Forecast (Oct-31-22)

Indian Copper Scrap Prices Tumbled On Low Global Demand Concerns

Copper Scrap prices in India slipped from recent 3-week highs of Rs.594 (Copper Wire Scrap Price – Delhi) on lower global demand concerns, especially from the top scrap metals consumer, China.

Since October, Copper Scrap prices have been fluctuating to sudden highs and lows on multiple factors impacting the demand and supply chain, pushing Copper Scrap prices to trade at lower levels.

According to SMM data, the throughput of Copper Scrap in the East China Nonferrous Metals Market was about 28,500 MT, down 6.7% on a weekly basis. The decline in the throughput of Copper Scrap in China was largely expected because of the resurging pandemic, which is largely affecting Chinese economic activities and demand.

The import data foretells even more economic weakness in the World's second-largest economy, which will likely impact Copper Scrap demand in the coming months. As China implements strict covid lockdowns and zero-covid policy, shutting down factories and industrial hubs such as Shanghai and Wuhan brought the Chinese economy to a pause this year.

Meanwhile, due to a narrowing price differential between Copper Scrap and Copper Base Metal, Copper Scrap demand was higher. Similarly, the fluctuation in Copper prices at high levels caused the Copper scrap import-export market to be largely active last week.

Copper Base Metal in India fell 0.30% from the previous closing price and is now trading on the MCX futures at Rs.649.95/KG (Oct-31-22). Copper prices fell 2.1% from a three-week high of Rs.663.9/KG on October 27, 2022.

So, it is anticipated that because of weak Chinese demand, Copper Scrap prices will fall steeply this week because of the strict lockdown due to a sudden pandemic outbreak. Once China relaxes covid restrictions, traders will resume the import of Copper Scrap.

In other major economies, the supply of copper scrap has remained moderately high amid the economic downturn and global recession fears. On the other hand, the US economy remains stronger, and import activities also look better in times of higher interest rate hikes.

But, the available imports to China are limited, which may largely impact the Copper Scrap prices in the short term. Furthermore, the central banks' upcoming interest rate hike this week may put additional pressure on prices and impact demand for Copper Scrap in the short term.

Copper Scrap prices in India today are trading at,

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

Copper Heavy Scrap Prices (Mumbai): Rs.637/KG

Copper Wire Scrap Prices (Delhi)Rs.590/KG

Copper Utensil Scrap Prices (Mumbai): Rs.575/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.460/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.445/KG

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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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