The weekly indexes for Honey domestic origin increased del Delhi and Jamnagar consumer in sync with the spike in the three-month LME copper contract from the prior week.
The LME three-month copper contract rose to $6,705.5/mt up by $177.5/mt from $6,528/mt prior Tuesday.
The market participants in Delhi reported weak demand whereas those in Jamnagar reported slow but sustained demand from the domestic sector as well as rising inquiries from Chinese counterparts for brass billet exports.
The weekly Davis Index for imported Honey brass Wednesday settled unchanged at Rs310,000/mt del Delhi consumer. The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs298,000/mt, up by Rs1,000/mt del Delhi consumer. Some participants reported sluggish domestic demand on the backdrop of rising imported scrap prices.
The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs302,667/mt, up by Rs667/mt. The weekly Davis Index for imported Honey settled at Rs318,333/mt, down by Rs1,667/mt from Rs319,500/mt del Jamnagar consumer.
Manufacturers exporting billets to China reported a rise in new enquiries from China. Chinese manufacturers said their scrap import quota limits have gotten over and they are now relying on brass ingots and billets imports from India, market participants told Davis Index. Offers at $4,130/mt were heard for brass billets.