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Copper Scrap Prices Predictions in INDIA: Nov 4, 2022

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by - 11/2/2022 467 Views

Copper Scrap prices in India are on the rise, boosted by higher Chinese Copper Scrap import data.

In general, our Copper Scrap price forecasting is very effective and helps to understand the data related to supply-demand sectors to project how each factor influences Copper Scrap prices.

Understanding our Copper Scrap price forecasting can create opportunities for investors and traders to generate significant profits when buying and selling Copper Scraps.

Indian Copper Scrap Price Forecast for November 4, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹473.87
Brass Hunny (Jamnagar) ₹452.3
Copper Utensil (Mumbai) ₹584.34
Copper Heavy (Mumbai) ₹640.56
Copper Wire (Delhi) ₹600.21

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

Copper Scrap Prices Predictions in INDIA: Nov 4, 2022

Indian Copper Scrap Prices Flags At High Levels

Copper Scrap prices ended the month of September with a negative sign, as expectations of an interest rate hike this week dampened demand concerns. However, Copper Scrap prices are on the rise, boosted by higher Chinese Copper Scrap import data.

According to customs data, China's Copper Scrap import volume was 167,000 MT in September, up 7.99% MOM and a new high since April 2022. From January to September, imports totalled 1.36 million MT, an increase of 9.97% year on year.

The main reason for the increased import volume is that Copper prices rose from mid-July to the end of August, which increased shipments of Copper Scrap internationally and locally. At the same time, import volume fell in August due to renewed COVID-19, which severely constrained domestic supply and weakened Chinese manufacturing activity.

Copper prices fell to nearly 20-month lows in the fourth quarter, and due to the price differential, supply tightness in Copper Scrap arises, but import volume remains firmer. As a result, it is expected that, in comparison to base metals imports, China's scrap imports will remain stable for some time.

If the Chinese import volume keeps increasing, it furtherly boosts Copper Scrap prices to higher levels. Copper Scrap prices in India today are trading at,

Copper Cable Scrap Prices (Mumbai): Rs.649/KG

Copper Heavy Scrap Prices (Mumbai): Rs.640/KG

Copper Wire Scrap Prices (Delhi): Rs.594/KG

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

Hunny Yellow Scrap Prices (Jamnagar): Rs.463/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.448/KG

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Copper Prices Gained In November Amid Concerns Over US Interest Rate Hike

Copper prices in India rose 1.32% from the previous closing price and are now trading at Rs.661.65 per KG in the MCX futures.

Copper prices rose on Tuesday due to a weaker US dollar index, and investors anticipate that upcoming central banks will slow the pace of interest rate increases. Hopefully, the previous interest rate hike did not significantly impact the US economy, as the manufacturing PMI and employment growth rate were relatively higher.

The S&P Global US Manufacturing PMI was revised to 50.4 in October of 2022 from a preliminary of 49.9. (Source – Trading Economics) As a result, the US dollar index fell slightly, boosting Copper prices.

Meanwhile, According to SMM, LME copper inventories have fallen for seven consecutive days and dipped another 6,700 mt to 106,425 mt yesterday. (Source – SMM News). So, the Copper inventory in the major warehouse remains low, supporting higher Copper prices.

On the demand side, renewed pandemic outbreaks and China's zero-covid policy are currently dampening demand from the world's largest base metals consumer.

Technically, the Copper market has improved, but it remains unclear how the US Fed's rate hike will affect Copper prices in the coming days. The US Federal Reserve announced this week that it would raise interest rates by 0.75%, hoping for a slower pace in the US but potentially challenging times for other major economies.

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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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