The domestic prices for most copper scrap grades including Armature wire, Berry, copper Heavy and sheet cutting increased while turnings and utensils settled unchanged in the domestic market despite the drop in the three-month copper contract. Participants reported slow trades in most parts except in the South and Gujarat, as downstream industries in those regions firmed up the demand.
The three-month LME Copper contract dropped by $79.5/mt to settle at $7,821/mt on Feb 3 from $7,900.5/mt on Jan 27.
The weekly Davis Index for copper Armature wire settled at Rs531,667/mt del India consumer, up by Rs6,667/mt ($91.36/mt).
The weekly index for copper Berry rose by Rs7,000/mt to Rs563,000/mt del India consumer while the weekly index for copper Heavy was down by Rs8,167/mt and settled at Rs543,167/mt del India consumer.
The weekly Davis Index for copper sheet cutting settled at Rs514,000/mt del India consumer, up by Rs1,500/mt.
The weekly indexes for copper utensils and copper turnings settled unchanged at Rs503,000/mt and at Rs493,000/mt del India consumer, respectively.