The prices for all scrap grades dropped in the domestic market. The participants reported liquidity crunch as traders are getting rid of their existing stock ahead of New Year. Downstream manufacturers reported margins dropped as scrap material rose on the back of the strong three-month copper contract on LME in the past few days.
The three-month LME Copper contract rose by $4/mt to settle at $7,815.5/mt on Dec 30 from $7,811.5/mt on Dec 24
The weekly Davis Index for copper armature wire settled at Rs518,000/mt del India consumer, down by Rs14,000/mt ($191.59/mt). The weekly Index for copper Berry dropped by Rs16,667/mt to Rs542,000/mt del India consumer.
The Davis Index for copper Heavy dropped by Rs19,333/mt and settled at Rs528,000/mt from Rs529,333/mt delivered India consumer.
The weekly Davis Index for copper utensils settled flat at Rs500,000/mt, del India consumer while the index for copper turnings settled flat at Rs492,500/mt del India consumer from the prior week.