The weekly Davis Index for #1 copper wire (Berry) settled at $6,413/mt cfr India port up by $63/mt driven by demand from downstream manufacturers despite the drop in the three-month LME copper contract.
The weekly Davis Indexes for #copper wire and tube (Berry Candy) settled $6,313/mt cfr India port, up by $213/mt while #2Copper Birch cliff settled at $5,813/mt, down by $37/mt from the prior week.
The three-month LME Copper contract dropped by $24/mt to settle at $6,681/mt Wednesday from $6,705/mt from the prior week.
Pakistan and China
Pakistan exporters sold to China at 95pc of LME, unchanged from the prior week. Indian exporters sold copper ingots at the same level, up from 93.5pc-94.5pc from the prior week. Chinese buyers, however, claimed to have closed the deals at 94.5pc level.
The weekly index for Elmo settled at $775/mt cfr Pakistan port, up by $72/mt from the prior week. Market participants reported good demand for Elmo in Pakistan’s domestic market, especially the downstream industries. The weekly index for Elmo settled at $748/mt cfr India port down by $2/mt from the prior week.
The weekly Davis Index for brass billet settled at $4,150/mt cfr China port, up by $50/mt, though manufacturers reported weak trades at this level and shared that domestic demand has improved from the prior week.