Market participants in Delhi reported sustained demand for copper scrap, however, the trading hub of Jamnagar market is closed amid Janmashtami festivities with only a few participants importing scrap.
The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs456,500/mt del Delhi consumer, up by Rs4,500/mt ($61.57/mt) amid a rise in three-month LME copper contract. Scrap prices gained on Wednesday after moving both ways in recent weeks.
Market participants in Delhi continued to book deals, buyers entered the market with renewed interest as the demand picked up from the downstream industries Buyers pushed bids up in sync with the LME copper. Trades picked up as consumers want to avoid buying scrap if prices pick up with LME.
For Jamnagar, the index settled at Rs458,250/mt del Jamnagar consumer, up by Rs250/mt ($3.42/mt) amid a rise in offers driven by the gain in the three-month LME copper. Chinese offers for brass billets were at 61pc of LME from 60pc prior week.
Domestic manufacturers are not actively approaching the Chinese market for exports as the Jamnagar market is closed for 10 days till Saturday.
The three-month LME copper settled at $9,457.5/mt on Aug 31 from $9,305.5/mt on Aug 24, up by $152/mt.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs438,000/mt del Delhi consumer, up by $3,000/mt. The weekly index for Honey domestic origin (Vilayati) settled at Rs435,500/mt del Jamnagar consumer, up by Rs1,833/mt ($25.08/mt) pushed up by sustained demand in the domestic market.