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

The weekly Davis Index for #1 copper wire (Berry) settled at $8,797/mt from $8,013/mt cfr India port, up by $784/mt driven by the jump in the three-month LME copper contract. Participants reported slow imports because of rising scrap prices in sync with the LME. 

The weekly Davis Index for #copper wire and tube (Berry Candy) settled $8,386/mt cfr India port, up by $573/mt. 

The weekly Index for #2Copper Birch Cliff settled $7,733/mt cfr India port, up by $655/mt. A few importers turned to Australia to obtain Birch Cliff at 82-85pc of LME. 

Participants shared that the domestic demand is sluggish in many parts and imports have dropped. Copper ingot manufacturers from India and Pakistan heard new enquires from Chinese counterparts as their Lunar New Year holidays are over. Each month, Pakistan manufacturers collectively export 10,000-11,000mt of copper ingots to China. 


Pakistan and China

Chinese bids for Indian and Pakistani exporters remained unchanged at 93.5 to 94. 5pc from 94.5 to 95.5pc of the three-month LME copper contract for copper ingots from the prior week. 

LME three-month copper contract rose by $859.5/mt to settle at $9,260.5/mt from $8,401/mt prior week.


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