Prices of most grades of copper scrap surged in India following a spike in LME copper during the week. Higher prices have compelled importers to delayed deals which has in turn lead to a shortage of scrap in the domestic market. The three-month LME Copper contract rose by $174/mt to settle at $6,934/mt on Nov 11 from the prior week. Market participants plan to resume the purchase of scrap post-Diwali holidays as a majority of manufacturing units will be closed for four days starting Friday.
The weekly Davis Index for Copper Armature wire settled at Rs466,667/mt, up by Rs7,334/mt ($98.29/mt) from Rs459,333/mt del India consumer prior week. In Mumbai region, Davis Index heard trades of Copper Armature wire at Rs475,000/mt del India consumer, however, not all participants confirmed trades at these levels.
Market participants in North and South India reported slow demand for scrap but prices rose as buyers tried to secure supplies ahead of planned shutdown for Diwali festival.
The weekly Index for Copper Berry rose by 20,333/mt to Rs497,000/mt from Rs476,667/mt del India consumer prior week. Davis Index heard trades of Copper Berry at Rs505,000/mt delivered Mumbai consumer but participants in other parts of India did not confirm trades at these levels.
The Davis Index for Heavy rose by Rs27,917/mt and settled at Rs490,250/mt from Rs462,333/mt delivered India consumer in the prior week.
The weekly Davis Index for Copper Sheet cutting rose by Rs13,667/mt to settle at Rs475,000/mt del India consumer.
The weekly Davis Index for Copper utensils settled at Rs443,000/mt, up by Rs11,000/mt from Rs432,000/mt del India consumer in the prior week. The weekly Davis Index for copper turnings settled at Rs438,000/mt del India consumer, up by Rs11,000/mt from the prior week.
($1= Rs74.61)