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Indian Copper Scrap Price Forecast For November 24, 2022

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by - 11/22/2022 326 Views

Copper Scrap prices in India are down from 5-month highs on new covid curbs in china fading demand concerns.

RIM's "Indian Copper Scrap price forecast for November 24, 2022" is based on a study of the correlation between Copper prices and Copper Scrap prices. And with the help of AI and linear regression research models, we have demonstrated that our Indian Copper Scrap price forecast is very accurate, with a difference of 0.5 to 2%.

Our effective Indian Copper Scrap price forecasting provides insights into Copper market fundamentals, allowing you to understand the data related to supply-demand sectors and project how each factor influences Copper Scrap prices.

Copper Scrap Price Forecast in INDIA for November 24, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 468.64
Brass Hunny (Jamnagar) ₹ 472.34
Copper Utensil (Mumbai) ₹ 608.79
Copper Heavy (Mumbai) ₹ 665.55
Copper Wire (Delhi) ₹ 603.74

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

Indian Copper Scrap Price Forecast For November 24, 2022

Is Copper Scrap Prices Continually Declines? – Why?

Copper Scrap prices in India continued to dip for the second week, pressured by fresh covid curbs in China, weakening the Copper Scrap Metals demand. The investors expected that China would relax the covid limitations this week which would probably boost the demand concerns.

But, China's capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID-19 cases sparking new restriction measures. Deaths from the virus were recorded in Beijing for the first time since late May.

As China is facing a horrible situation in times of strict covid limitations, China's economy is expected to perform worse this year because of the ongoing outbreak of covid curbs since the third quarter of 2022. A recent Reuters survey showed China's property sector will remain weak but see a gradual recovery in 2023, while prices of new homes are expected to fall in the first half of next year.

So, it is clear that the Chinese economy is performing utterly lower times ever before. Meanwhile, the US Fed Reserve's announcement of an additional interest rate hike in the coming days has weighed on the dollar index and pushed down Copper Scrap prices.

Since the announcement of an interest rate hike, the US dollar index stands firmer, making green-backed metals expensive for buyers holding other currencies. Meanwhile, investors are also optimistic about the impact of upcoming interest rates in growing economies like India.

Technically, the Copper Scrap market has been trading moderately at lower levels since hitting 5-month highs. The driving force for Copper Scrap prices will only come from the improvement of macro sentiment and expected demand recovery from China and other nations. Copper Scrap prices could continue to weaken further, weighed down by a stronger dollar, low inventories, upcoming interest rate hikes, and a weak global demand outlook.

Copper Wire Scrap prices in India (Delhi) are 5.36% lower than 5-month highs of Rs.634/KG in the Indian market. As of today, Copper Scrap prices such as Copper Heavy Scrap, Copper Utensil Scrap are trading at,

Copper Cable Scrap Prices (Mumbai): Rs.677/KG

Copper Heavy Scrap Prices (Mumbai): Rs.666/KG

Copper Wire Scrap Prices (Delhi): Rs.630/KG

Copper Utensil Scrap Prices (Mumbai): Rs.605/KG

Hunny Yellow Scrap Prices (Jamnagar): Rs.477/KG

Brass Hunny Scrap Prices (Jamnagar)Rs.457/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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