The weekly Davis Index for #1 copper wire (Berry) dropped by $73/mt to settle at $8,978/mt as copper prices lowered on LME. Deals continued at 95.5-96.5pc of the three-month LME copper contract.
The weekly Davis Index for yellow brass cfr India port settled at $5,671/mt, down by $93/mt. The weekly Davis Index for yellow brass settled at $5,765/mt cif Asia port up by $49/mt. Exporters from the US boosted offers to 63pc from 62pc cfr India port deals and 64pc for cif Asia port deals from 63pc of the LME contract. Manufacturers in India sought scrap from the US market following a steep price hike by European exporters for shredded honey.
The weakness in the LME three-month copper contract weighed down imports, however, buyers are ready to shell out more money to compete with South Asian buyers.
The three-month LME copper contract declined by $77/mt to settle at $9,450.5/mt on August 11, from $9,527.5/mt on August 4. Last week, the three-month LME copper dropped by $191.5/mt to settle at $9,527.5/mt on August 4 from July 28. Participants reported an increase in import prices as the Indian rupee depreciated by 0.17pc against the US dollar from the prior week.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,553/mt, down by $165/mt cfr India port. The weekly spread for #copper wire and tube was flat at 91-92pc from the prior week as exporters continued to boost trading in Asia.
The weekly index for #2Copper Birch cliff settled at $8,127/mt, fell by $67/mt cfr India. Deals for Birch Cliff were at prices flat at 86pc of the three-month copper contract on LME.
Pakistan and China
The weekly Davis Index for copper ingots settled at $9,072/mt cfr China port, down by $39/mt.
Chinese demand for copper ingots has remained healthy for suppliers in Pakistan. But Indian secondary manufacturers heard bids at 95pc of three-month copper contract on LME while participants from Pakistan were able to fetch deals at 96.5pc of the three-month copper contract on LME.
The weekly Davis Index for brass billets settled unchanged at $5,665/mt cfr China port, down by $16/mt from the prior week. Secondary manufacturers reported that trades with China are not attractive as scrap prices remain at a higher level.