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Results for Indian Copper Scrap Price Predictions (Nov-04-22)

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by - 11/4/2022 1020 Views

Copper Scrap prices in India are at high levels amid hawkish interest rate hike by central banks.

By analyzing the correlation between Copper prices and Copper Scrap prices with the help of AI and linear regression research models, our RIM researchers have been forecasting Copper Scrap prices in India for several months.

As a result, our analysis was very accurate, and we have predicted Copper Scrap prices in India with a 0.5 to 2% difference. Learning our effective Copper Scrap price forecast will definitely benefit Copper Scrap traders and investors better decide the right time to buy or sell Copper Scrap at higher profits.

Copper Scrap Forecasted Price Vs. Actual Price in India - Nov 04, 22

  Copper Scrap Predicted Price Actual Price Diff Diff in %
0 Hunny Yellow (Jamnagar) ₹ 473.87 ₹ 463.00 10.87 2.35%
1 Brass Hunny (Jamnagar) ₹452.3 ₹ 448.00 4.3 0.96%
2 Copper Utensil (Mumbai) ₹ 584.34 ₹ 580.00 4.34 0.75%
3 Copper Heavy (Mumbai) ₹ 640.56 ₹ 637.00 3.56 0.56%
4 Copper Wire (Delhi) ₹ 600.21 ₹ 594.00 6.21 1.05%

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

Results for Indian Copper Scrap Price Predictions (Nov-04-22)

Indian Copper Scrap Prices Gains Amid Hawkish Interest Rate Hike

As expected by investors, the central bank's interest rate hike was implemented on Wednesday, but the rate hike was gradual and had little impact on Copper Scrap prices.

But, the US Fed' interest rate hike is expected to be more gradual in the US, but it may notify a negative signal to other major economies such as Europe, India, and Japan. Copper Scrap prices have reached record highs of Rs.796 this year, but they have also fallen to 20-month lows due to recession fears.

Copper Scrap prices are almost 25% down from record high levels this year. As global recession fears and rising interest rates are stubbornly high this year, Copper Scrap prices are expected to be under pressure and can fluctuate in the near term.

On the demand side, despite the bearish economic activity, investors expected China to have a bullish demand growth, but the new covid pandemic forced China to implement new covid limitations early in the third quarter. Hopefully, Chinese demand and import data were moderately higher during times of strict covid limitations.

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. If the Chinese import volume keeps increasing despite of Covid limitations, it furtherly boosts Copper Scrap prices to stay at higher levels.

However, aside from China, Copper Scrap markets must hold steady in the face of slowing global economic growth; only then Copper Scrap prices will reach all-time highs. In the short term, however, inflation fears and interest rates remain high. This idea will have a significant impact on Copper Scrap prices this year.

Copper Scrap Prices in India today are at,

Copper Cable Scrap Prices (Mumbai): Rs.647/KG

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

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

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

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

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