Domestic prices of copper scrap grades including Armature wire, Berry and Heavy rose despite the jump in the three-month copper contract. Participants reported slow trades in most of the parts of India as downstream industries halted purchases in the wake of rising copper prices on LME. It was business as usual in Northern India.
The three-month LME copper contract rose by $127/mt to settle at $8,401/mt on Feb 17.
The weekly Davis Index for copper Armature wire settled at Rs554,667/mt del India consumer, up by Rs10,000/mt ($137.74/mt).
The weekly Index for copper Berry rose by Rs10,500/mt to Rs584,333/mt del India consumer.
The weekly Index for copper Heavy rose by Rs20,667/mt and settled at Rs574,000/mt del India consumer, while the Index for copper sheet cutting settled Rs546,667/mt del India consumer, up by Rs20,917/mt.
The weekly indexes for copper utensils settled at Rs530,000/mt, and for copper turnings, settled at Rs520,000/mt, up by Rs27,000/mt del India consumer.