India’s imported copper scrap prices inched up by $10-15/mt on a $12/mt increase in the official three-month LME copper contract from a week ago, after it had dropped by $416/mt the week before that following outbreak of the Coronavirus.
Market participants are hopeful that business and trade will resumes in China in the next week. Traders will have more clarity about the business environment in the country after two weeks of disconnect amid extended Lunar New Year holidays.
India’s imported Motor scrap prices rose by $33/mt to settle at $690/mt cfr Thursday, while imported motor prices into Pakistan rose by $38/mt cfr Thursday to settle at $665/mt.
The Davis Index for Berry rose by $12/mt to settle at $5,649/mt cfr India port, on Thursday, while Berry Candy rose by $11/mt to settle at $5,477/mt cfr India port, Thursday. The Davis index for Birch Cliff also rose by $363/mt to settle at $5,018/mt cfr India port Thursday as demand from Indian markets picked up.
The Davis Index for Yellow Brass cfr India rose by $30/mt Thursday from a week ago to settle at $3,680 on a $12/mt increase in LME copper. The three-month official LME copper price settled at $5,735/mt Wednesday, 0.2pc up from $5,723/mt a week ago.