The weekly Davis Index for Copper berry rose by Rs2,600/mt ($34.68/mt) to Rs464,000/mt del India consumer. Manufacturers preferred domestic scrap over imports as #1 copper wire (Berry) price settled at $6,393/mt cfr India port, which was higher by 3.15pc than the domestic price.
Domestic copper scrap availability remains tight amid rising demand from downstream sectors. Market participants are mulling overseas purchases if the shortage persists.
The weekly Davis Index for copper Armature wire, Thursday, dropped by Rs2000/mt ($26.68/mt) to settle at Rs431,500/mt del India consumer on subdued demand. Davis Index heard bids for armature wire at Rs430,000- Rs432,000/mt del Delhi and West India consumer. But traders in Delhi did not confirm trades at Rs432,000/mt level.
The Davis Index for copper heavy settled at Rs450,667/mt, down by Rs6,333/mt from the prior week. Manufacturers stayed away from trades as offers continued to rise.
The weekly index for copper sheet cutting rose by Rs3,333/mt to settle at Rs444,333/mt in line with the three-month LME copper contract.
The weekly Davis Index for copper turnings rose by Rs5,000/mt to settle at Rs415,000/mt and the index for copper utensils rose by Rs5,000/mt to settle at Rs420,000/mt del India consumer.
The three-month LME copper contract rose by $55/mt to $6,523/mt on Wednesday from $6,468/mt in the prior week.