The weekly Davis Index for #1 copper wire (Berry) settled at $8,571/mt from $8,359/mt cfr India port in the prior week, up by $212/mt on a rise in a three-month LME copper contract. Demand for scrap recovered after the downtrend two weeks ago. Buyers also booked material in the new fiscal year.
The three-month LME copper advanced by $129/mt to settle at $8,974.5/mt on April 7 from $8,845.5/mt on March 31.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,301/mt up by $274/mt cfr India port. Spreads tightened by 1.09pc as Asian markets reported scarcity of scrap on increased demand for cleaner scrap in the Chinese market and delay on Europe-Asia route due to Suez Canal blockage two weeks ago.
The weekly index for #2Copper Birch cliff settled at $7,677/mt from $7,386/mt, up by $287/mt cfr India port. Davis Index heard that few importers purchased Birch cliff at 85-86pc from 82-85pc of LME last week.
A scarcity of scrap in Asian markets is pushing prices up, and participants stayed away from imports due to volatility in LME copper over the last month. The weekly Davis Index for yellow brass cfr India port settled at $5,295/mt from $5,225/mt, up by $70/mt from the preceding week. Market participants in India reported a severe shortage of imported brass scrap.
Pakistan and China
Both Pakistan and Indian exporters heard Chinese bids at 94.5 -96pc from 94-95pc of the three-month LME copper contract for copper ingots cfr China port.