The weekly Davis Index for copper armature wire dropped by Rs1,000/mt ($13.23/mt) to settle at Rs393,000/mt del India consumer on Thursday. The index moved as traders in the North returned to the market after more than two months. Early in the week, copper armature wire prices dipped by Rs3,000/mt but recovered on Thursday as demand from electric plug and wire rod manufactures supported prices.
Copper-based downstream industries in Diu Daman and Madhya Pradesh have partially resumed operations but await clear signs of demand to ramp up production. These producers buy scrap from Mumbai and other regions in Maharashtra as well as supply their finished goods to these regions. Much of Mumbai’s economy along with the scrap markets remained closed for business due to increase in COVID-19 case. The Index for Berry settled at Rs373,000/mt del Indian consumer on Thursday, down by Rs13,000/mt on the back of absence of demand from downstream manufacturers in Maharashtra.
The weekly Davis Index for domestic heavy settled at Rs382,000/mt del India consumer, down by Rs1,000/mt from early March when last trades were heard. The index for copper sheet cutting settled at Rs376,500/mt del India consumer, down by Rs1,000/mt from pre-pandemic rates. The index for copper turnings and copper utensils also remained unchanged at Rs359,000/mt and Rs359,000/mt del India consumer, respectively.