Domestic prices of copper scrap grades like Berry, Sheet cutting, Turnings and utensils dropped in sync with the dip in the three-month copper contract over the week. Participants reported slow trades except in Southern India, as traders remained away on account of Mahashivaratri holiday on Thursday. The domestic prices for Armature wire and copper Heavy rose in sync with the intraday ride of LME. Participants have held back imports as three-month LME copper crashed by $310.5/mt, or 3.36pc, to $8,917/mt on Wednesday from $9,227.5/mt on March 3.
The weekly Davis Index for copper Armature wire settled at Rs611,000/mt del India consumer, up by Rs333/mt ($4.58/mt).
The weekly Index for copper Berry dropped by Rs4,000/mt to Rs640,000/mt del India consumer. The weekly Index for copper Heavy rose by Rs1,167/mt ($16.06/mt) and settled at Rs620,500/mt del India consumer.
The weekly Index for copper Sheet cutting settled Rs585,000/mt del India consumer, down by Rs13,333/mt. The weekly Davis Indexes for copper utensils settled at Rs585,000/mt, and for copper Turnings settled at Rs575,000/mt del India consumer, each down by Rs10,000/mt.