The weekly Davis Index for copper armature wire dropped by Rs2,000/mt ($27.20/mt) to Rs442,000/mt del India consumer despite the spike in LME three-month copper contract from the prior week. Most grades sold at different levels across India driven by the region-wise availability of the scrap. Traders shared that in absence of demand, only those having healthy inventories are faring well.
The weekly Davis Index for copper berry dropped by Rs6,875/mt to Rs471,000/mt del India consumer driven by low demand for scrap grade in Western and Central India.
The Davis Index for heavy settled at Rs461,500/mt after falling by Rs5,900/mt del India consumer on weak demand from Central and Western India.
The weekly Davis Index for copper sheet cutting dropped by Rs741/mt to settle at Rs460,000/mt on subdued demand from the downstream industries due to a spike in imported scrap grade prices. Manufacturers are taking a ‘wait and watch’ approach and expect the three-month copper contract on LME to further shed its gains.
The weekly Davis Index for copper turnings settled at Rs421,000/mt up by Rs1,000/mt from the prior week. The weekly Davis Index for copper utensils settled at Rs428,000/mt, up by Rs1,000/mt from the prior week on the back of spike in LME copper despite slow demand.
The three-month LME copper rose to $6,705/mt from $6,584/mt, up by $121/mt from prior Wednesday.