The weekly Davis Index for copper armature wire settled at Rs678,000/mt ($9,131/mt) del India consumer, up by Rs3,000/mt ($40.39/mt) as demand gained momentum.
The three-month LME copper contract declined by $77/mt to settle at $9,450.5/mt on Aug 11 from $9,527.5/mt a week ago. Last week, the three-month LME copper dropped by $191.5/mt to settle at $9,527.5/mt on August 4 from July 28. Participants reported an increase in import prices as the Indian rupee depreciated against the US dollar.
Offers for all copper scrap grades, including armature wire, sheet cutting, berry, heavy, turnings and utensils advanced between $8.98- 44.88/mt in the Indian domestic market.
Scrap availability has improved in the last few weeks, however, secondary manufacturers are aggressively purchasing the material. Participants shared that despite the drop in the LME copper from the prior week, the domestic scrap prices gained driven by the recent gain of $113/mt on the LME for two consecutive sessions on Aug 10 and 11.
The weekly Davis Index for copper sheet cutting settled at Rs679,000/mt del India consumer increased by Rs1,667/mt. The weekly Davis Index for copper turnings settled at Rs642,667/mt del India consumer, up by Rs667/mt from last week.
The weekly Davis Index on Thursday for copper utensils settled at Rs659,667/mt del India consumer and rose by Rs1,334/mt.
The weekly index for berry copper gained by Rs3,333/mt to settle at Rs701,000/mt del India consumer. The Davis Index for heavy copper advanced by Rs3,000/mt and settled at Rs689,667/mt del India consumer from a week ago.