Prices for domestic copper scrap grades, including armature wire, berry, Copper heavy, sheet cutting, turnings, and utensils settled unchanged in sync with the jump in the three-month copper contract. Trades slowed in most parts of India except in the South as downstream industries halted purchases in the wake of sliding copper prices on LME.
Participants stayed away from imports as three-month LME copper crashed by 6.04pc to $8,669.5/mt level intraday on Thursday from its last closing price of $9,227.5/mt on March 3.
The three-month LME Copper contract dropped by $33/mt to settle at $9,227.5/mt from $9,260.5/mt on Feb 24.The weekly Davis Index for Copper armature wire settled at Rs610,667/mt from Rs620,333/mt delivered India consumer, down by Rs9,666/mt($132.82/mt) from the prior week.
The weekly Index for Copper berry dropped by Rs1,000/mt to Rs644,000/mt from Rs645,000/mt del India. The Davis Index for Copper heavy dropped by Rs8,000/mt and settled at Rs619,000/mt from Rs627,333/mt delivered India consumer the prior week.
The weekly Davis Index for Copper Sheet cutting settled Rs598,333/mt from Rs605,333/mt, down by Rs7,000/mt del India consumer.
The weekly Davis Index for Copper utensils settled unchanged at Rs595,000/mt, and that for copper turnings also was flat at Rs585,000/mt del India consumer from the prior week.