Prices of copper scrap grade like Armature wire, Berry, Heavy and utensils dropped in the domestic market as buyers reduced purchases ahead of the fiscal year-end. Participants reported slow trades in most of the parts of India as traders stayed away from the market.
The three-month LME copper contract dropped by $13.5/mt to settle $9,011/mt on March 24.
The weekly Davis Index for copper Armature wire settled at Rs602,667/mt from Rs608,333/mt, down by Rs5,666/mt ($78.02/mt) del India consumer.
The weekly Index for copper Berry dropped by Rs6,666/mt to Rs625,667/mt from Rs632,333/mt del India consumer.
The weekly Indexes for copper Heavy dropped by Rs5,333/mt ($73.44/mt) and settled at Rs616,667/mt del India consumer, and for Sheet cutting settled at Rs594,333/mt del India consumer, down by Rs8,667/mt.
The weekly Davis Index for copper utensils settled at Rs572,000/mt del India consumer, while for copper Turnings, the index settled at Rs582,000/mt del India consumer, down by Rs4,000/mt.