The weeklyDavis Indexes for honey domestic origin (Purja) del Delhi consumer rose in Delhi and dropped in Jamnagar in line with the regional scrap availability and drop in the three-month LME copper contract. The LME three-month copper contract dropped to $6,784/mt Tuesday, down by $16.5/mt from $6,800.5/mt on prior Tuesday.
Market participants in Delhi reported sluggish demand for brass scrap whereas those in Jamnagar reported low demand from the automobile and power sector.
The weekly Indexes for Honey domestic origin in Delhi and rest all grades dropped in Delhi and Jamnagar in line with the regional scrap availability and drop in the three-month LME copper contract. The LME three-month copper contract dropped to $6,784/mt Tuesday, down by $16.5/mt from $6,800.5/mt prior Tuesday.
The market participants in Delhi reported sluggish demand for brass scrap whereas those in Jamnagar reported slow demand from the automobile and power sector.
The weekly Davis Index for imported Honey brass Wednesday dropped by Rs1,000/mt ($13.60/mt) to settle at Rs313,000/mt del Delhi consumer from Rs314,000/mt. The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs304,000/mt, up by Rs2,000/mt del Delhi consumer.
The weekly Davis Index for Honey domestic origin (Vilayati)del Jamnagar consumer settled at Rs305,250/mt, down by Rs500/mt. The weekly Davis Index for imported Honey at Rs322,000/mt, down by Rs375/mt del Jamnagar consumer.
Davis Index heard Chinese offers for brass billets at $4,150/mt, up by $50/mt cfr China port from the prior week. Offers for imported honey were heard at $3,799 -4,138/mt cfr India port for Middle East, UK and the US origin scrap.
The Indian rupee rose by 0.04pc to Rs73.51 from Rs73.54 against $1 from the prior week. Indian traders import scrap purchase rates lowered due to drop in the LME three month copper contract by $16.5/mt from the prior Tuesday and the improvement of Indian rupee against the American dollar.
($1=Rs73.51)