The weekly Davis Index for yellow brass settled at $5,661/mt cfr India port, down by $18/mt. Market participants reported fewer deals of yellow brass imports into Asia.
US exporters kept offers unchanged at 63pc of three-month LME copper contract for cfr India port and cif Asia port deals, respectively. The UK and European exporters kept offers unchanged at 61pc and 59pc of LME respectively, compared to the prior week.
The three-month LME copper contract dropped by $30.5/mt on $9,280/mt on Sept 8 from $9,310.5/mt prior week. In an earlier week, the three-month LME copper contract dropped by $65.5/mt from $9,310.5/mt on Sept 1 from $9,376/mt on Aug 25. In the week before that, copper prices surged on LME as it rose by $207.5/mt to settle at $9,376/mt on Aug 25 from the prior week.
The weekly Davis Index for #1 copper wire (Berry) dropped by $30/mt to settle at $9,094/mt cfr India port as LME copper declined this week. Deals heard at 97-99pc of the three-month LME copper, unchanged from the prior week.
The weekly index for #2 Copper Birch cliff settled at $7,934/mt, lowered by $26/mt cfr India. Deals for Birch Cliff were unchanged at 85-86pc of the three-month LME copper contract last year.
Pakistan and China
The weekly Davis Index for copper ingots settled at $9,002/mt cfr China port, up by $41/mt.
Chinese demand for copper ingots continues to be healthy for suppliers in Pakistan. The participants from Pakistan grabbed deals at 97pc up from 95.5pc of the three-month copper contract on LME.
The weekly Davis Index for brass billets settled at $5,614/mt cfr China port, down by $65/mt from the prior week. Jamnagar-based exporters heard very few billets enquires at 61pc of three-month LME copper. The manufactures reported demand dropped from Chinese counterparts from the prior week.