Offers for copper scrap grades like armature wire, sheet cutting, and utensils rose while that for other grades like Berry and
Heavy dropped in the Indian domestic market.
Trades revived as manufacturers slowly resumed production, albeit for limited working hours as lockdown restrictions were eased. Production will return to normalcy after migrated laborers return to work.
The three-month LME copper contract dropped by $229/mt to $9,904.5/mt on Wednesday, from $10,133.5/mt on June 2. In the week before that, the three-month copper contract had risen by $155/mt from $9,978.5/mt on May 26. In the two weeks preceding it, the contract has dropped by $159.5/mt and $408/mt, respectively.
The weekly Davis Index for copper Armature wire settled at Rs710,667/mt, up by Rs4,667/mt ($63.86/mt) del India consumer.
The weekly Davis Index for copper Sheet cutting settled Rs710,667/mt, up by Rs10,667/mt del India consumer. The weekly Davis Index for copper Turnings settled at Rs680,333/mt del India consumer, up by Rs5,333/mt.
The weekly Davis Index for copper Utensils settled at Rs671,667/mt from Rs681,500/mt down by Rs9,833/mt
The weekly Index for copper Berry fell by Rs13,000/mt to Rs733,667/mt del India consumer. Buyers are paying more for domestic Berry than the imported Berry. However, imported scrap’s availability is scarce as imports were cut after a jump in prices and lower liquidity due to lockdown.
The weekly index for copper Heavy dropped by Rs9,333/mt ($127.89/mt) and settled at Rs726,667/mt del India consumer.
($1= Rs73.07)