Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Offers for copper scrap grades like Armature wire, Berry, Heavy, Sheet cutting, Turnings, and utensils dropped in the Indian domestic market by $119-140/mt in sync with the drop in the three-month LME copper contract over the week after a bullish run.


Trades thinned as production is working at 25-40pc capacity level due to lockdowns. Many states have extended lockdown till May 30, bringing domestic demand down. 


The three-month LME copper contract dropped by $408/mt to $10,138/mt on May 19 from $10,546/mt May 12. In the fortnight before that, the three-month contract jumped by $722.5.


The weekly Davis Index for copper Armature wire settled at Rs718,750/mt, down by Rs10,250/mt ($140.18/mt) del India consumer. 

The weekly Index for copper Berry dropped by Rs10,250/mt to Rs744,750/mt del India consumer with buyers paying 6.95pc more for domestic Berry over imported. However, imported Berry’s availability is scarce as imports were reduced following a whopping rise in scrap prices in sync with LME and after-effects of lockdowns. 


The weekly Davis Index for copper Heavy dropped by Rs9,250/mt and settled at Rs732,750/mt from Rs742,000/mt del India consumer. 

The weekly Davis Index for Sheet cutting settled Rs711,250/mt, down by Rs8,750/mt del India consumer. 


The weekly Davis Indexes for copper utensils settled at Rs706,250/mt, down by Rs8,750/mt while for copper turnings, it settled at Rs691,250/mt del India consumer, down by Rs8,750/mt.



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