The domestic prices for copper scrap grades including Armature wire, Berry and Heavy increased while Turnings and utensils settled flat despite the jump in the three-month copper contract. Participants reported usual activity in North India and low-to-no activity in other parts as downstream industries have halted purchases due to rising copper scrap prices on LME.
The three-month LME Copper contract rose by $453/mt to settle at $8,274/mt on Wednesday from $7,821/mt on February 3.
The weekly Davis Index for copper Armature wire settled at Rs544,667/mt del India consumer, up by Rs13,000/mt ($178.47/mt).
The weekly index for copper Berry rose by Rs13,833/mt to Rs573,833/mt del India consumer while the index for copper Heavy rose by Rs10,166/mt to Rs553,333/mt delivered India consumer.
The weekly Davis Index for copper sheet cutting settled at Rs525,750/mt del India consumer, from Rs514,000/mt last week, up by Rs11,750/mt.
The weekly indexes for copper utensils and copper turnings settled flat at Rs503,000/mt and Rs493,000/mt del India consumer, respectively.