The weekly Davis Index for copper armature wire settled flat at Rs394,000/mt del India consumer on Thursday for the third week. No trades were reported since markets and downstream production remained shut to comply with the nation-wide lockdown until April 14.
The index for Berry settled at Rs386,000/mt del India consumer on Thursday, also flat for a third successive week. The weekly index for domestic heavy settled at Rs383,000/mt del India consumer. The index for copper sheet cutting remained flat at Rs377,500/mt del India consumer.
Manufacturers shied away from booking imported scrap and adopted a wait-and-watch approach. There is no clarity about the timeframe for downstream industries resuming operations. Market participants believe the lockdown could extend by another 15 days.
The index for copper turnings and copper utensils settled flat at Rs360,000/mt and Rs360,000/mt del India consumer, respectively. Producers are unlikely to book scrap until after the lockdown.