Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The weekly Davis Index for #1 copper wire (Berry) settled at $7,242/mt cfr India port, up by $280/mt driven by the rise in the three-month LME copper contract. Participants preferred buying domestically available #1 copper wire (Berry) scrap instead of importing scrap from US and Middle East, pushing the domestic prices up. 


The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $7,013/mt cfr India port, up by $372/mt. 

The weekly Index for #2Copper Birch Cliff settled $6,518/mt cfr India port, up by $277/mt.  Davis Index heard trades of #2Copper Birch Cliff at 85-86pc of LME, down from 80pc of LME prior week for Gulf-origin scrap delivered to India. 


Trades thinned as market participants anticipate further change in the copper prices on LME in the next few weeks. A Few participants believe that prices are likely to soar after Christmas. Due to volatility in the three-month copper contract on LME, traders in South East Asia reported a rise in the prices from the prior week as Chinese participants actively entered the market. 


Pakistan and China

Exporters from Pakistan and India heard offers at $94.25pc, down from 95.5pc of LME for copper ingots. Pakistani participants slowed down trades of copper ingots to China stating that the trades at these levels were a financially unviable option, considering the steep rise in copper scrap prices. 

LME three-month copper contract rose by $365.5/mt to settle at $7,623/mt prior Tuesday. 


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