Prices for copper scrap grades including Armature wire, Berry and Heavy dropped in India’s domestic market. Trades were slow in most parts except in South India and Gujarat, as downstream industries there had firm demand. Earlier, with the copper scrap prices rising on the back of the spike in LME three-month copper contract, downstream manufacturers had reported a drop in margins.
The three-month LME copper contract dropped by $117/mt to settle at $7,900.5/mt on Jan 27 from $8,017.5/mt on Jan 20.
The weekly Davis Index for copper Armature wire settled at Rs525,000/mt del India consumer, down by Rs13,000/mt ($177.96/mt), while the index for copper Berry dropped by Rs17,500/mt to Rs556,000/mt del India consumer.
The weekly Index for copper Heavy was down by Rs21,500/mt to Rs535,000/mt delivered India consumer.
The weekly Indexes for copper sheet cutting rose by Rs29,500/mt to settle at Rs512,500/mt del India consumer; for copper utensils settled at Rs503,000/mt del India consumer, while for copper turnings, the index decreased by Rs7,000/mt to Rs493,000/mt del India consumer.
($1= Rs73.05)