The offers for the Copper scrap grade like armature wire, berry, heavy, sheet cutting, turnings, and utensils rose in the Indian domestic market by $17.13-239.94/mt in sync with the gain in the three-month LME Copper contract after witnessing a drop for earlier two consecutive weeks. Participants reported thin trades as manufacturers are struggling to resume production amidst an extended lockdown situation with minor relaxation in most of the parts in India. Production is unlikely to resume soon as migrated laborers are yet to return to their place of work amidst restrictions in several states.
The three-month LME Copper contract rose by $155/mt to settle at $10,133.5/mt on June 2 from $9,978.5/mt on May 26. In the earlier two weeks, the three-month copper dropped by $159.5/mt and $408/mt in the two prior weeks from May 12.
The weekly Davis Index for Copper armature wire settled at Rs706,000/mt from Rs700,000/mt up by Rs6,000/mt($/mt) del India consumer prior week.
The weekly Index for Copper berry rose by Rs15,167/mt to Rs746,667/mt from Rs731,500/mt del India consumer prior week. Participants reported that the buyers must pay 7.91pc more for domestic Copper berry than the imported berry del India. However, imported berry is scarcely available in the market as importers slowed down the purchase of copper scrap following whooping scrap prices in sync with the LME Copper contract and lower liquidity due to ongoing lockdowns.
The Davis Index for Copper heavy rose by Rs12,550/mt and settled at Rs736,000/mt from Rs723,500/mt del India consumer the prior week.
The weekly Davis Index for Copper Sheet cutting settled Rs700,000/mt from Rs698,750/mt up by Rs1,250/mt del India consumer.
The weekly Davis Index for Copper utensils settled at Rs681,500/mt from Rs657,500/mt up by Rs14,000/mt and the weekly Davis Index for copper turnings settled at Rs675,000/mt from Rs657,500/mt del India consumer, up by Rs17,500/mt from the prior week.
($1= Rs72.93)