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Indian Copper Scrap Price Forecast for November 11, 2022

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by - 11/9/2022 3915 Views

Copper Scrap prices in India plummeted from 2-month highs on increasing concerns over Chinese demand

"Indian Copper Scrap price forecast" results from yearly research analyzing the correlation between Copper Scrap prices and Copper Base Metal prices. And with the help of AI and linear regression research models, we have proved that our Indian Copper Scrap price forecast is very accurate, with a difference of 0.5 to 2%.

By learning our Indian Copper Scrap price forecast, you will understand current market trends in the scrap business and the external factors that influence Copper pricing and Copper Scrap Prices.

Copper Scrap Prices Forecast in INDIA for November 11, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 477.54
Brass Hunny (Jamnagar) ₹ 457.21
Copper Utensil (Mumbai) ₹ 598.4
Copper Heavy (Mumbai) ₹ 656.43
Copper Wire (Delhi) ₹ 612.89

Market Graph of MCX Copper Base Metal Price INDIA - (Past 6 Months)

Indian Copper Scrap Price Forecast for November 11, 2022

"Copper Scrap Prices Refused to Stay at High levels" - Why?

Copper Scrap prices in India reached a two-month high on November 7, 2022, as rumors of China's easing zero-covid policy spread amid hawkish interest rate hikes. The US Fed raised interest rates by 75 basis points, as expected by the markets, but it did not have the desired effect in the US. And we must wait and see how this hawkish interest rate hike affects major economies regarding Scrap Metals consumption.

Meanwhile, despite a two-month-long strict covid lockdown, Chinese import volume was substantially higher than anticipated. 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 totaled 1.36 million MT, an increase of 9.97% year on year.

It was expected that if Chinese import volume continued to rise amidst Covid restrictions, Copper Scrap prices would continue to rise. However, according to news reports, China is facing difficult times due to the spread of new covid in manufacturing hubs.

According to a Reuters report, "Southern manufacturing hub fighting worst COVID-19 flare-up, Cases double in Zhengzhou, a production base for Apple supplier, Chinese stocks, currency slip over virus fears."

"Nationwide, new locally transmitted infections climbed to 7,475 on November 7, according to China's health authority, up from 5,496 the day before and the highest since May 1. Guangzhou accounted for nearly a third of the new infections" (Source – Reuters)

The rising caseload ensures that China will not relax covid restrictions in the long run unless it achieves the goal of a "Zero-Covid Policy." The country's harsh policies have once again raised concerns about its economic growth and industrial activities.

Investors in the scrap market expected Copper Scrap prices to continue to rally after reaching two-month highs, but they could not do so due to the unstable global crisis. Apart from China, other major economies face higher interest rate hikes, dampening Scrap Metals demand concerns and weakening manufacturing activities.

Technically, the Copper Scrap market has a negative basis and is under pressure from both the supply and demand sides due to slowing global economic growth. In the short term, inflation fears and interest rates are expected to stay constant, which will significantly impact Copper Scrap prices this year.

Copper Scrap Prices in India today are at,

Copper Cable Scrap Prices (Mumbai): Rs.660/KG

Copper Heavy Scrap Prices (Mumbai): Rs.651/KG

Copper Wire Scrap Prices (Delhi): Rs.608/KG

Copper Utensil Scrap Prices (Mumbai): Rs.595/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.470/KG

Brass Hunny Scrap Prices (Jamnagar): Rs.455/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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