The weekly Davis Index for #1 copper wire (Berry) settled at $6,800/mt cfr India port, up by $143mt driven by the rise in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,516/mt, up by $171/mt from $6,345/mt, cfr India port.
The weekly Index for #2Copper Birch cliff settled $6,091/mt cfr India port, up by $110/mt. Davis Index heard trades of #2Copper Birch Cliff at 86pc of LME for Gulf origin scrap delivered India, down from 87pc in the earlier week.
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 stabilize after Christmas. Due to volatility of the LME copper contract, traders in Southeast Asia reported rise in the prices from the prior week as Chinese participants actively entered the market.
Pakistan and China
Exporters from Pakistan and India heard the offers at 96-95.5pc of LME for copper ingots, unchanged from the prior week.
LME three-month copper contract rose by $167/mt to $7,071/mt from $6,934/mt on prior Tuesday.