The weekly Davis Index for #1 copper wire (Berry) dropped by $107/mt to settle at $8,871/mt as copper prices lowered on LME. Deals were heard at 97-99pc from 95.5-96.5pc of the three-month LME copper contract prior week.
The weekly Davis Index for yellow brass cfr India port settled at $5,501/mt, down by $170/mt. The weekly Davis Index for yellow brass settled at $5,547/mt cif Asia port down by $218/mt. Exporters from the US kept offers unchanged 63pc cfr India port deals and unchanged at 64pc cif Asia port deals 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, trades are thin. Buyers are in favour of lowering bids assuming that the global copper prices may crash further but exporters are reluctant to lower offers.
The three-month LME copper contract dropped by $282/mt straight in the third consecutive week to settle at $9,168.5/mt on Aug 18 from Aug 11. In the prior week, the three-month LME copper contract declined by $77/mt to settle at $9,450.5/mt on Aug 11, from $9,527.5/mt on Aug 4. In a week before that, the three-month LME copper dropped by $191.5/mt to settle at $9,527.5/mt on Aug 4 from July 28.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,435/mt, down by $118/mt cfr India port. The weekly spread for #copper wire and tube tightened at 92-93pc from 91-92pc from the prior week as exporters restricted offers from lowering further.
The weekly index for #2Copper Birch cliff settled at $7,839/mt, fell by $288/mt cfr India. Deals for Birch Cliff were at 85-86pc from 86pc of the three-month copper contract on LME.
Pakistan and China
The weekly Davis Index for copper ingots settled at $8,802/mt cfr China port, down by $270/mt.
Chinese demand for copper ingots has remained healthy for suppliers in Pakistan. But Indian secondary manufacturers heard bids of 95pc of three-month copper contract on LME while participants from Pakistan were able to fetch deals at 95.5-96.5pc of the three-month copper contract on LME.
The weekly Davis Index for brass billets settled unchanged at $5,455/mt cfr China port, down by $210/mt from the prior week. Secondary manufacturers reported that trades with China are not attractive as scrap prices remain at a higher level.