The weekly Davis Index for #1 copper wire (Berry) settled at $7,597/mt cfr India port, up by $25/mt driven by the rise in the three-month LME copper contract. Imports have slowed due to shortage of vessels and containers and weak domestic demand due to rise in prices in sync with the three-month copper contract on LME.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $7,296/mt cfr India port, up by $43/mt. The spreads for this grade remained unchanged from the prior week as imports have come down due to rising copper scrap prices in the market.
The weekly Index for #2copper Birch Cliff settled $6,695/mt cfr India port, down by $20/mt. Increasing number of importers are turning to Australia to obtain Birch Cliff at 82pc of LME.
Weak domestic demand and volatility of scrap prices on the back of soaring LME copper is causing importers to hold back purchase orders. As Chinese New Year celebrations will begin from Jan 23, the exporters reported a drop in Chinese demand but manufacturers are confident that imports of copper ingots will resume after this holiday break.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids at $95pc from $94-96pc of LME for copper ingots prior week.
LME three-month copper contract rose by $47/mt to settle at $8,017.5/mt on Jan 20 from $7,970.5/mt prior week.