The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs451,000/mt del Delhi consumer, up by Rs1,000/mt ($13.46/mt) driven by firm bids from other South Asian buyers. Honey import prices surged in Delhi despite weakness in the LME copper from the prior week.
Market participants in Delhi also reported improved demand. Traders were unwilling to lower offers as demand picked up.
On the other hand, in Jamnagar, the index settled at Rs455,000/mt del Jamnagar consumer, down by Rs1,667/mt ($22.67/mt) amid a fall in offers driven by a drop in the three-month LME copper.
Chinese bids for brass billets were unchanged. Manufacturers offered brass billets at 60pc of the three-month LME copper, with bids at 59pc cfr China port. Offers for imported brass scrap from the US remained unchanged at 63pc of LME copper three-month contract.
Jamnagar units faced a lack of liquidity and slow demand and claimed that Chinese bids are below expectations considering the rise in import brass scrap prices.
The three-month LME copper dropped by $65.5/mt to $9,369/mt August 17 from $9,435/mt on Aug 10.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs435,000/mt del Delhi consumer, up by Rs5,000/mt ($67.33/mt). The weekly index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs430,000/mt del Jamnagar consumer, down by Rs1,667/mt ($22.67/mt) driven slow demand in the domestic market.