The weekly Davis Index for #1 copper wire (Berry) settled at $8,013/mt cfr India port, up by $70/mt driven by the scarcity of scrap in addition to the jump in the three-month LME copper contract. Participants reported slow imports on the back of the rising scrap prices and the harsh winter conditions in the US which impacted local transport to the East Coast.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $7,813/mt cfr India port from $7,695/mt, up by $118/mt. The spreads for #Copper wire and tube (Berry Candy) marginally widened as participants took a step back due to the swing in the three-month copper contract.
The weekly Index for #2copper Birch Cliff settled at $7,078/mt cfr India port, up by $24/mt. The spreads for #2copper Birch Cliff widened by 2pc to 85pc of three-month copper contract on LME, from 87pc of LME three-month in the prior week. Davis A few importers turned to Australia to obtain Birch Cliff at 82-85pc of LME.
Participants shared that the domestic demand remained sluggish in many parts. Copper ingot manufacturers from India and Pakistan are expecting to hear new enquires from China as their New Year holidays are coming to an end. Each month Pakistan manufacturers collectively export 10,000-11,000mt of copper ingots to China.
Pakistan and China
Exporters from Pakistan and India heard the Chinese bids unchanged at 94.5 to 95.5pc from 94.5-96.5pc of three-month LME copper contract for copper ingots cfr China port from the prior week.
LME three-month copper contract rose by $127/mt to settle at $8,401/mt from $8,274/mt prior week.