The prices for most copper scrap grades rose in the domestic market due to weak demand. Several participants chose to delay purchase of imported scrap due to spike in scrap prices in sync with LME. They preferred domestic scrap instead. The three-month LME Copper contract rose by $156/mt to settle at $7,257.5/mt on Nov 25 from the prior week.
The weekly Davis Index for copper armature wire settled at Rs491,500/mt del India consumer, up by Rs21,833/mt($295.53/mt). Davis Index heard trades of copper armature wire at Rs500,000- 505,000/mt del India consumer around Mumbai, however, not all participants confirmed trades at these levels.
Market participants in North and Western India reported slow demand for copper scrap.
The weekly Index for copper Berry rose by 21,333/mt to Rs513,500/mt del India consumer. Manufacturers importing copper Berry scrap preferred to rely on domestic scrap.
The weekly Davis Index for Heavy rose by Rs19,883/mt and settled at Rs502,000/mt delivered India consumer.
The weekly Index for copper sheet cutting rose by Rs22,667/mt to settle at Rs488,500/mt del India consumer.
The weekly Indexes for copper utensils settled at Rs462,000/mt, up by Rs17,000/mt from Rs445,000/mt del India consumer, and for copper turnings settled at Rs457,000/mt del India consumer, up by Rs17,000/mt.
($1= Rs73.87)