The weekly Davis Index for #1 copper wire (Berry) settled at $6,962/mt cfr India port, up by $162mt driven by the rise in the three-month LME copper contract. Participants preferred buying domestically available #1 copper wire (Berry) scrap instead of importing from the US and the Middle East, pushing the domestic prices further up.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,641/mt cfr India port, up by $125/mt.
The weekly Index for #2Copper Birch Cliff settled $6,241/mt cfr India port, up by $150/mt. Davis Index heard trades of #2Copper Birch Cliff at 86pc of LME for Gulf origin scrap delivered India.
Market participants anticipate further change in the copper prices on LME in the next few weeks. Few participants believe that prices are likely to stabilise after Christmas. Due to volatility in the three-month copper contract on LME, traders in South East Asia reported rise in the prices from the prior week as Chinese participants actively entered the market.
Pakistan and China
Exporters from Pakistan and India heard offers at 95.5pc of LME for copper ingots. Pakistani participants scaled back trades of copper ingots to China stating that the trades at these levels were financially unviable option, considering the steep rise in copper scrap prices.
LME three-month copper contract rose by $156/mt to $7,257.5/mt from $7,101.5/mt on prior Tuesday.