The prices for most copper scrap grades rose in the domestic market, but participants reported thin trades as buyers decided to delay purchasing due to recent gain in the three-month copper contact on LME. The three-month LME copper contract rose by $365.5/mt to settle at $7,623/mt on Dec 2.
The weekly Davis Index for copper armature wire settled at Rs521,250/mt del India consumer, up by Rs29,750/mt ($402.54/mt). Davis Index heard trades of copper armature wire at Rs530,000/mt del India consumer around Mumbai, however, not all participants confirmed trades at these levels.
Market participants in Southern India reported slow demand for copper scrap but an increased inquiries as manufacturers remain on toes to secure scrap supply in case of further price rise.
The weekly Index for copper Berry rose by 34,000/mt to Rs547,500/mt del India consumer. Manufacturers preferred to rely on domestic scrap as prices of imported copper Berry scrap spiked in sync with LME. With a number of importers turning to the domestic market, the prices of domestic scrap came under pressure yet again this week.
The weekly Davis Index for Heavy rose by Rs36,000/mt and settled at Rs538,000/mt delivered India consumer.
The weekly Davis Index for copper sheet cutting rose by Rs31,500/mt to settle at Rs520,000/mt del India consumer.
The weekly Davis Index for copper utensils settled at Rs495,000/mt del India consumer, up by Rs33,000/mt while the index for copper Turnings settled at Rs490,000/mt del India consumer, up by Rs33,000/mt.
($1= Rs73.90)