Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The weekly Davis Index for #1 copper wire (Berry) settled at $7,376/mt cfr India port, up by $134/mt driven by the rise in the three-month LME copper contract. Participants preferred buying domestically available #1 copper wire (Berry) scrap instead of importing scrap from the US and the Middle East, pushing the domestic prices further up compared to prior week. 


The weekly Davis Index for #copper wire and tube (Berry Candy) settled $7,048/mt cfr India port, up by $35/mt while few traders reported trades of Berry Candy at 91pc of three-month Copper contract on LME down from 92pc prior week. 


The weekly Index for #2Copper Birch Cliff settled $6,507/mt cfr India port, down by $11/mt.  Davis Index heard trades of #2Copper Birch Cliff at 82-85pc, down from 85-86pc of LME for Gulf and Australian origin scrap delivered India. 


Market participants anticipate further change in the copper prices on LME in the next few weeks while some expect prices to stabilise after Christmas. Due to volatility in the three-month copper contract on LME, traders in South East Asia held back purchasing scrap. 


Pakistan and China

Exporters from Pakistan and India heard offers at $94.5 -95.25pc, up from $94.25pc of LME for copper ingots. Pakistani participants slowed down trades of copper ingots to China stating that trades at these levels were a financially unviable option, considering the steep rise in copper scrap prices. 

LME three-month copper contract rose by $100.5/mt to settle at $7,723.5/mt on Dec 9 from $7,623/mt prior Tuesday. 


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