The weekly Davis Index for #1 copper wire (Berry) settled at $8,903/mt from $8,597/mt cfr India port, up by $309/mt driven by the rise in the three-month LME copper contract over the week. Participants reported slowing of demand as scrap grades surged due to rising copper prices. The three-month LME copper advanced by $369/mt to settle at $9,371.5/mt on April 21, from $9,002.5/mt on April 14.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,622/mt, up by $385/mt cfr India port.
The weekly Index for #2Copper Birch cliff settled $7,966/mt, up by $359/mt cfr India port. Imports have gone down as several Asian countries are grappling with lockdowns due to the rising number of COVID-19 infections. Participants expect spreads to widen on the back of the steep rise in the three-month LME copper and drop in demand in Asia.
Meanwhile, Chinese participants are getting active to buy cleaner copper scrap. This rise in demand from China may push the prices further up.
The weekly Davis Index for yellow brass cfr India port settled at $5,459/mt from $5,244/mt, up by $215/mt.
Pakistan and China
Exporters from India and Pakistan heard Chinese bids unchanged from the prior week at 94-96pc of the three-month LME copper contract for copper ingots cfr China port.