The weekly Davis Index for #1 copper wire (Berry) increased by $594/mt to settle at $9,525/mt as copper prices gained on LME. Participants heard deals at 98pc from 96-97pc of the three-month LME copper contract in the prior week.
The spike in the LME three-month copper contract weighed down imports after increased activity in the previous week.
The LME three-month copper contract rose by $416/mt to $9,719/mt on July 28 from $9,303/mt on July 21. In the preceding week on July 14, the contract dropped by $46/mt to $9,303/mt.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,893/mt, up by $288/mt cfr India port. The weekly spread for #copper wire and tube were at 91-92pc from 92-93p in the previous week as exporters continued to boost trading in Asia. But participants remained watchful and bought material in limited volumes.
The weekly index for #2Copper Birch cliff settled at $8,407/mt, up by $406/mt cfr India. Deals for Birch Cliff were at prices unchanged at 86pc of the three-month copper contract on LME.
The weekly Davis Index for yellow brass cfr India port settled at $5,698/mt, up by $244/mt. The weekly Davis Index for yellow brass settled at $5,698/mt cif Asia port up by $244/mt. Exporters from the US kept offers unchanged at 61.5pc of the LME contract.
Pakistan and China
The weekly Davis Index for copper ingots settled at $9,233/mt cfr China port, up by $395/mt.
Chinese demand for copper ingots has remained healthy. But Indian secondary manufacturers were unwilling to close the deals at present bid levels due to a rise in input costs in line with the gain in the LME contract.
The weekly Davis Index for brass billets settled unchanged at $5,759/mt cfr China port, up by $201/mt from the prior week. Secondary manufacturers reported no trades with Chinese buyers as bids were unattractive.