India’s weekly domestic copper prices fell by Rs5,000-Rs18,000/mt ($70.14-$252.56/mt) on low domestic demand, along with a $131/mt drop in three-month official LME copper contract from last Wednesday.
Increased availability of local scrap lowered price of Berry by Rs18,083/mt and the Davis Index for Berry settled at Rs426,250/mt from a week ago. The weekly index for Candy fell by Rs18,000 and settled at Rs413,000/mt, on lower demand. Trades are likely to resume in mid-February once buyers exhaust their inventories.
Prices of other copper scrap grades fell marginally. The Davis Index for armature wire settled at Rs418,750/mt, down by Rs5,917/mt from a week ago, while the index for both copper heavy and copper turnings dropped by Rs5,000/mt from a week ago to settle at Rs430,000/mt and Rs400,000/mt, respectively.
The three-month official LME copper contract settled at $6,139/mt Wednesday, down from $6,270/mt from a week ago.
($1 = Rs71.27)