The weekly Davis Index for #1 copper wire (Berry) settled at $8,425/mt cfr India port, down by $148/mt driven by the drop in the three-month LME copper contract from the prior week. Participants slowed down imports due to subdued demand in Asia. Traders in India also deferred imports as the fiscal year will end on March 31.
The three-month LME copper dropped by $13.5/mt to settle at $9,011/mt on March 25 from $9,024.5/mt on March 17.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,110/mt cfr India port, down by $57/mt.
The weekly Index for #2Copper Birch Cliff settled $7,592/mt, up by $57/mt cfr India port. A few importers purchased Birch Cliff at 84-84.5pc from 82-85pc of LME the prior week.
Domestic demand remained sluggish in many parts of India. The weekly Davis Index for yellow brass cfr India port settled at $5,177/mt from $5,302/mt, down by $125/mt.
Pakistan and China
Exporters from Pakistan and India heard the Chinese bids unchanged at 93-94pc from 93.5-94pc the three-month LME copper contract for copper ingots cfr China port from the prior week.