The weekly Davis Index for #1 copper wire (Berry) settled at $6,393/mt cfr India port, up by $55/mt, driven by a surge in the three-month LME copper contract.
Buyers who had resorted to the domestic market for trades are now mulling purchases from seaborne markets due to a severe shortage of domestic scrap.
The weekly Davis Index for #1copper wire and tube (Berry Candy) settled at $6,197/mt cfr India port, down by $12/mt from the prior on subdued demand from the market participants. The three-month LME copper contract rose by $55/mt to $6,423/mt on Wednesday from $6,468/mt in the prior week.
The weekly index for #2 copper (Birch Cliff) settled at $5,871/mt, up by $179/mt from $5,692/mt in the prior week.
Pakistan exporters sold copper ingots at price levels which were 94pc of LME copper as against Indian exporters who were able to get 93.5pc of LME Copper for their ingots. Thus, the index for Asian copper ingots settled at $6,156/mt cfr China, down by $89/mt from the prior week as trade tensions between India and China continue.
The weekly index for imported copper-bearing motors (Elmo) settled at $705/mt cfr India port, up by $22/mt. The weekly index for yellow brass settled at $3,988/mt cfr India port, up by $12/mt from the prior week.
Pakistan and China
The weekly index for Elmo settled at $692/mt cfr Pakistan port, down by $4/mt from the prior week with buyers unwilling to accept earlier price levels of $700-710/mt.
The weekly index for brass billet settled at $4,050/mt cfr China port, unchanged from the prior week.