The weekly Davis Index for copper Armature wire, Thursday, rose by Rs7,000/mt ($92.58/mt) to settle at Rs408,200/mt del India consumer on the back of sustained demand from electric plug and wire rod makers in Central India. Trades of armature wire were heard at Rs413,000/mt del consumer but sellers did not confirm those price levels.
Units in Gujarat and parts of Maharashtra have resumed production and are operating at 40-50pc capacity. Demand is therefore likely to go further up in the first week of July. Companies manufacturing parts of switch-gear have resumed functions. Their despatches to companies located in Jalgaon, Ahmednagar, Nashik, Baroda have also resumed.
The weekly Davis Index for copper Berry inched up by Rs7,000/mt ($92.58/mt) to settle at Rs430,000/mt del India consumer on Thursday.
The weekly index for copper heavy rose by Rs200/mt to settle at Rs420,000/mt del India consumer. The weekly index for copper sheet cutting rose by Rs3,000/mt to settle at Rs418,000/mt del India consumer Thursday.
Mumbai traders supplying scrap to parts of Maharashtra and Goa inform that production is gaining pace and is expected to reach 60pc by the month-end.
The three-month copper contract on LME Wednesday rose by $119.5/mt to settle at $5,882.5/mt from June 17, a week ago.
The weekly Davis Index for copper turnings dropped by Rs10,000/mt to settle at Rs390,000/mt and the Davis Index for copper utensils dropped by Rs10,000/mt to Rs390,000/mt del India consumer amid weak demand in the market.
($1= Rs75.60)