The weekly Davis Index for copper armature wire rose to Rs456,333/mt del India consumer up by Rs3,666/mt ($50.11/mt) from Rs452,667/mt last week. Sources shared that prices were supported by market participants in Western India despite a drop in the LME.
The three-month LME copper contract dropped to $6,612/mt, down by $95/mt from $6,707/mt prior Wednesday. Market participants are awaiting more clarity and held back purchases of imported scrap. Due to this, the domestic scrap is being sold at higher price from the prior week.
The weekly Davis Index for copper berry rose to Rs482,000/mt del India consumer, up by Rs5,000/mt driven by the demand for the domestic scrap.
The weekly Davis Index for heavy settled at Rs475,000/mt del India consumer, up by Rs6,667/mt.
The weekly Davis Index for copper sheet cutting remained unchanged at Rs465,000/mt del India consumer. Traders from Madhya Pradesh and Mumbai supplying scrap to surrounding areas reported sustained demand, while those in Southern and Northern India shared that the demand was weak.
The weekly Davis Index for copper utensils settled at Rs430,000/mt del India consumer, up by Rs3,000/mt. The weekly Davis Index for copper turnings settled at Rs425,000/mt del India consumer, up by Rs3,000/mt.
($1= Rs73.15)