The weekly Davis Index for #1 copper wire (Berry) settled at $7,376/mt cfr India port, down by $79/mt driven by the drop in the three-month LME copper contract. Participants reported slowing of imports due to the global shipping crises and rise in freight charges on several routes. Exporter paid $900 per container on Australia-Indian port route, while normally it costs $600 per container.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $7,066/mt, down by $17/mt from $7,083/mt cfr India port.
The weekly Index for #2Copper Birch Cliff settled $6,600/mt, down by $70/mt from $6,670/mt cfr India port. Davis Index heard trades of #2Copper Birch Cliff at 85pc, up from 82-85pc of LME for African-origin scrap delivered India two weeks ago.
Market participants anticipate further change in the copper prices on LME in the next few weeks. Few participants believe that prices are likely to go up after the Christmas break while some expect prices to fall. Due to volatility in the three-month copper contract on LME, traders in South East Asia held back purchase of scrap.
Pakistan and China
Exporters from Pakistan and India heard the Chinese bids at $94.5 -95.5pc of LME for copper ingots.
LME three-month copper contract dropped by $64/mt to settle at $7,784.5/mt on Dec 23 from $7,848.5/mt on Dec 16.