The weekly Davis Index for copper armature wire settled at Rs669,667/mt ($9,165.92/mt) del India consumer, down Rs2,000/mt ($27.37/mt) in sync with the decline in the global copper scrap prices as LME dipped.
Participants reported sustained demand for all copper grades across India but shared that domestic copper scrap prices exceeded global scrap prices.
The three-month LME copper contract dropped by $65.5/mt from $9,310.5/mt on Sept 1 from $9,376/mt on Aug 25. In the earlier week, copper prices surged on LME as it rose by $207.5/mt to settle at $9,376/mt on Aug 25 from the prior week.
Offers for all copper scrap grades, including armature wire, sheet cutting, berry, heavy, turnings and utensils were dropped by $27.37-73.01/mt in the Indian domestic market.
Participants reported sustained demand for copper scrap. Secondary manufacturers shifted focus to imported material as domestic prices were more expensive.
The weekly index for berry copper fell by Rs5,333/mt to settle at Rs686,000/mt del India consumer. The weekly Davis Index for heavy copper was down by Rs1,666/mt and settled at Rs678,667/mt del India consumer. The weekly Davis Index on Thursday for copper utensils settled at Rs648,000/mt del India consumer and down by Rs3,333/mt.
The weekly Davis Index for copper sheet cutting settled at Rs671,333/mt del India consumer down by Rs5,334/mt. The weekly Davis Index for copper turnings settled at Rs631,667/mt del India consumer, dropped by Rs3,333/mt.
($1= Rs73.05)