Currently, the Copper Scrap market is under pressure due to a sudden increase and hike in scrap prices caused by bearish market trends. So, learning our realistic Indian Copper Scrap price forecast will help you stay on top of the scrap market and will help scrap-related businesses, traders, and investors better decide when to buy or sell Copper Scrap for a profit.
Our "Indian Copper Scrap price forecast" is the result of a yearly study of 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 Copper Scrap price forecast in the India is very accurate, with a difference of 0.5 to 2%.
Copper Scrap Forecasted Price Vs. Actual Price in India - Nov 11, 22
| | Copper Scrap | Predicted Price | Actual Price | Diff | Diff in % |
| 0 | Hunny Yellow (Jamnagar) | ₹ 477.54 | ₹ 470.00 | 7.54 | 1.6% |
| 1 | Brass Hunny (Jamnagar) | ₹ 457.21 | ₹ 455.00 | 2.21 | 0.48% |
| 2 | Copper Utensil (Mumbai) | ₹ 598.4 | ₹ 593.00 | 5.4 | 0.9% |
| 3 | Copper Heavy (Mumbai) | ₹ 656.43 | ₹ 656.00 | 0.43 | 0.07% |
| 4 | Copper Wire (Delhi) | ₹ 612.89 | ₹ 618.00 | 5.11 | 0.83% |
Market Graph Of Copper Wire Scrap Prices - Delhi (Past Six Months)
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Copper Scrap Prices Remain High Despite a Stable US Economy
The central bank's fourth interest rate increase this year has caused investors to forecast slower economic activity in the coming days and that would largely impact the Copper Scrap prices. However, Copper Scrap prices in India are currently skyrocketing after official data from the US inflation rate was lower-than-expected, implying a slower pace of US interest rate hikes.
The official data indicates that the US economy was stable, as evidenced by the unemployment rate and the US inflation rate. The country's official inflation rate fell to 7.7% in September, down from 8.2% in August and below the 7.9% increase predicted by economists. (From Trading Economics)
Furthermore, according to trading economics, the unemployment rate in the United States rose by 0.2 percentage point to 3.7 percent in October 2022, up from 3.5 percent in September and slightly higher than market expectations of 3.6 percent. The higher interest rate hike, on the other hand, had little effect on the unemployment rate.
As a result, all of these scenarios caused the US dollar index to fall, making greenback-priced metals more affordable to holders of other currencies. Analyzing the current wealth of the US economy reveals that the US Federal Reserve may relax down its interest rate hike path, boosting Scrap Metal demand in the coming days.
Technically, the Copper Scrap market is under bullish trend and gained higher from the previous trading session. Apart from US, when looking at China’s economy, still facing covid curbs in the manufacturing hubs and doesn’t have any idea of relaxing the covid limitations.
According to the National Business Daily, the Chinese province of Henan approved 26.2 billion yuan ($3.65 billion) in financing for troubled real estate projects and to ensure timely deliveries of pre-sold homes. Furthermore, the Politburo Standing Committee meeting, according to ANZ Research, suggested that Beijing would take more targeted measures to avoid economic damage.
So, from the country's official statements, we can expect Chinese industrial metals import volume to remain stable in times of covid limitations. However, Chinese economic data and rising coronavirus cases in the world's largest metals consumer in the face of supply constraints, we can expect increased Scrap metals demand in the coming days.
Though the negative global crisis has dragged down Copper Scrap prices, developing countries such as the United States and China are taking measures to improve the economy, which has increased the Scrap Metals demand and caused Copper Scrap prices to remain higher.
Copper Scrap prices in India today are trading at,
Copper Cable Scrap Prices (Mumbai): Rs.665/KG
Copper Heavy Scrap Prices (Mumbai): Rs.656/KG
Copper Wire Scrap Prices (Delhi): Rs.618/KG
Copper Utensil Scrap Prices (Mumbai): Rs.593/KG
Hunny Yellow Scrap Prices (Jamnagar): Rs.470/KG
Brass Hunny Scrap Prices (Jamnagar): Rs.455/KG
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