The weekly Davis Index for #1 copper wire (Berry) settled at $9,332/mt from $8,903/mt cfr India port, up by $429/mt driven by the rise in the three-month LME copper contract from the prior week. Demand was weak as a few scrap grades surged on the back of the rising copper prices.
The three-month LME copper advanced by $452/mt to settle at $9,823.5/mt on April 28 from $9,371.5/mt on April 21. Trades remained weak as participants opted to wait, expecting a correction in prices.The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $9,087/mt from $8,622/mt, up by $465/mt cfr India port.
The weekly Index for #2Copper Birch cliff settled $8,350/mt cfr India port, up by $384/mt. Imports have slowed as several Asian countries are grappling with lockdowns.
Participants expect spreads to widen on the back of the steep rise in the three-month LME copper and drop in demand in Asia.
Meanwhile, China is getting active to claim the cleaner copper scrap. The rise in Chinese demand may pressurise the prices to move up further. The weekly Davis Index for yellow brass cfr India port settled at $5,698/mt, up by $239/mt.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids settle at 93.5-94pc from 94-96pc of the three-month LME copper contract for copper ingots cfr China port over the weak. Traders in Pakistan reported growing demand from China for copper ingots while Indian manufacturers reported a drop in the demand for brass billets.