The weekly Davis Index for #1 copper wire (Berry) settled at $6,372/mt cfr India port, down by $109/mt driven by the drop in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,204/mt cfr India port, down by 142/mt from $6,346/mt cfr India port.
The weekly Index for #2Copper Birch cliff settled $5,835, down by $38/mt from $5,873/mt cfr India port.
Pakistan and China
Exporters from Pakistan and India got offers to sell copper ingots to China at 95.5pc and 94.25pc of LME, respectively. The export price for copper ingot exporters rose by 1pc for Pakistan traders and dropped by 0.25pc for Indian traders from prior week.
Market participants shared that downstream industries are waiting for price to stabilise as LME three-month copper contract dropped by $50/mt to $6,707/mt from the prior week.
The weekly Davis Index for Elmo settled at $740/mt cfr Pakistan port, down by $15/mt from the prior week. Market participants reported weak demand for Elmo in Pakistan’s domestic market. The weekly index for Elmo remained unchanged at $725/mt cfr India port.
The weekly index for brass billet settled at $4,150/mt cfr China port up by $25/mt, manufacturers reported weak trades at this level and shared that domestic demand has improved from the prior week.