The weekly Davis Index for copper berry Thursday settled at Rs416,500/mt ($5,611.68/mt) del Indian consumer, down by Rs5,500/mt on lower demand from manufacturers. Prices of copper scrap across grades were under pressure as the official three-month LME copper contract settled at $5,562/mt on March 11, down by $156/mt from the prior week.
In Delhi and Mumbai, scrap demand from secondary copper manufacturers dropped by 50-70pc amid tight liquidity conditions as end-consumers failed to clear payment backlog. Busbar producers in western India said market sentiments are negative and scrap prices will drop further. In central India, switchgear manufacturers bought actively in a down market.
The Davis Index for Copper sheet cutting settled at Rs401,750 del Indian consumer, down by Rs15,750/mt from the prior week.
The Davis Index for copper heavy settled at Rs412,000/mt, down by Rs5,000/mt on lower demand from the manufacturer.