India’s weekly imported copper scrap prices rose by 2pc on a $85/mt increase in the official three-month LME copper contract. Market sentiment, however, remained negative as the government announced a 20-day extension of the nationwide lockdown.
The Davis Index for Berry settled at $4,992/mt cfr India port, Thursday, up by $103/mt from a week ago. The index for Berry/Candy settled at $4,866/mt cfr India port, up by $102/mt and the index for Birch/Cliff settled at $4,463/ mt cfr India port, up by $97/mt. Indian copper mills are reconsidering their previous plans of resuming bookings following the extension of lockdown.
China’s demand for copper ingots and brass billets increased in the past week, however, Indian alloy manufacturers are unable to export material. The Davis Index for copper ingots cif China settled at $4,882/mt, Thursday, up by $116/mt.
The official three-month LME copper contract settled at $5,085.5/mt, Wednesday, up by 1.7pc from a week ago