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Daily Indian Copper Scrap Price Predictions (Nov-29-22)

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by - 11/26/2022 793 Views

Copper Scrap prices in India are trading at negative momentum amid a weaker dollar index and a slower rate hike pace.

RIM's effective Copper Scrap price forecasting helps you to understand the data related to supply-demand sectors to project how each factor influences Copper Scrap prices.

RIM researchers forecasted Copper Scrap prices in India for November 29, 2022, by understanding the correspondence between Copper prices and Copper Scrap Prices. Our Indian Copper Scrap price forecasting is very accurate, and we predicted a difference of 0.5 to 2%.

Learn our Indian Copper Scrap price forecasting and create great business opportunities to generate significant profits when buying and selling your Copper Scraps at competitive rates.

Copper Scrap Price Forecast in INDIA for November 29, 2022

Copper Scrap Predicted Price
Hunny Yellow (Jamnagar) ₹ 476.47
Brass Hunny (Jamnagar) ₹ 455.96
Copper Utensil (Mumbai) ₹ 597.33
Copper Heavy (Mumbai) ₹ 655.24
Copper Wire (Delhi) ₹ 626.76

Graphical Representation of MCX Copper Base Metal Price (INDIA)

Daily Indian Copper Scrap Price Predictions (Nov-29-22)

Copper Scrap Market Still Scarce On Chinese Covid Curbs

The Copper Scrap market is expected to remain constrained as the pandemic and global economic downturn worsen daily, particularly in China, the world's largest scrap metals consumer. Meanwhile, the main reason for the drop in Copper Scrap prices is a limited supply due to global trade restrictions.

"Due to increased uncertainty of the global economy and the aftermath of COVID, the market for raw material is in tight supply," said Huang Yifu, vice general manager of Chinese scrap company JCC Renewable Resource.

"This year, most (processing and smelting) factories have reduced production due to a shortage of raw materials," Huang said, adding that the number of Chinese Scrap traders has also fallen sharply.

Only high-grade scrap metal can now enter China due to new scrap metal import rules recently implemented by the Chinese government and the global market. So, what happens to low-quality copper scrap? According to the new rules, high-grade copper scrap will only be shipped around, whereas low-grade will be treated locally more than ever.

China, the world's largest copper consumer, is expected to consume more than 3.8 million tonnes of copper scrap this year, a 4% increase yearly, according to Huang's presentation slides. Domestic recycling volume in China is expected to exceed 2.5 million tonnes, with imports exceeding 1.3 million tonnes.

Looking at other major economies, imports from the United States, Japan, and Thailand have risen, but imports from Malaysia are down, according to import statistics.

"Overseas supply continues to be weak and overseas demand has increased. The tight supply pattern of copper scrap is expected to continue," Huang told delegates at the CRU World Copper Conference Asia. So, in the fourth quarter, all the growing major economies are slowly recovering from geopolitical issues, and copper scrap prices are expected to rise in 2023.

Copper scrap import growth in China is expected to slow in the fourth quarter due to new covid curbs, currency volatility, and price fluctuations. Meanwhile, copper scrap is expected to boom in the coming year as demand from the renewable energy and electric vehicle sectors rises sharply amid the global energy transition, potentially creating a copper shortage by the end of the decade because of lower mining supply.

Technically, the Copper Scrap market improved compared to the previous quarter of 2022. And because US interest rates are expected to slow in the coming days, and China Copper Scrap demand is expected to rise due to surging EV output and power investment, Copper Scrap prices are expected to hit new highs in the coming days.

Dr. Copper - the New Gold, trading at Rs.675 per KG in the Indian Futures Market.

The Reddish Berry Base metal is Trading at $3.62 per Pound in the US Futures Market.

Meanwhile, Copper Scrap prices in India today are trading at,

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

Copper Heavy Scrap Prices (Mumbai): Rs.656/KG

Copper Wire Scrap Prices (Delhi): Rs.626/KG

Copper Utensil Scrap Prices (Mumbai): Rs.590/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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