The weekly Davis Index for #1 copper wire (Berry) settled at $7,943/mt from $7,508/mt cfr India port, up by $435/mt driven by the scarcity of scrap and the jump in the three-month LME copper contract. Slow imports persist due to container shortage and rise in scrap prices.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $7,695/mt cfr India, up by $421/mt. The spreads for this grade widened marginally as participants took a step back because of the swing in the three-month copper contract.
The weekly Index for #2Copper Birch Cliff settled at $7,054/mt cfr India port, up by $348/mt. A few importers turned to Australia to obtain Birch Cliff at 82pc of LME.
Demand in domestic market has improved in some parts, though scarcity of scrap is being felt. Copper ingot manufacturers from India and Pakistan heard new enquires from Chinese counterparts as Lunar New Year holidays will be over in late-February. Each month, Pakistan manufacturers collectively export 10,000-11,000mt of copper ingots to China.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids at 94.5-95.5pc from 94.5-96.5pc of three-month LME copper contract for copper ingots, cfr China port, from the prior week.
LME three-month copper contract rose by $453/mt, to settle at $8,274/mt from $7,821/mt prior week.