The weekly Davis Index for #1 copper wire (Berry) settled at $8,597/mt cfr India port, up by $26/mt, driven by the rise in the three-month LME copper contract from the prior week. Demand slowed as prices of a few scrap grades surged on the back of the rising copper prices. The three-month LME copper advanced by $28/mt to settle at $9,002.5/mt on April 14, from $8,974.5/mt on April 7.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,237/mt cfr India port, down by $64/mt.
The weekly Index for #2Copper Birch Cliff settled at $7,607/mt, down by $66/mt cfr India port. A few importers purchased Birch Cliff at 82-85pc, and at 85-86pc of LME the prior week.
Imports have slowed as scrap prices surged due to various factors, namely the rise in the three-month LME contract, the resurgence of COVID-19 infections and depreciation of Indian Rupee against USD.
The weekly Davis Index for yellow brass cfr India port settled at $5,244/mt, down by $51/mt. Few market participants reported a 3.33pc rise in brass scrap of US-origin at 62pc of the three-month LME copper contract from 60pc the prior week, while few others preferred to book brass scrap at 55pc of the there-month LME copper contract for brass scrap of European origin.
Pakistan and China
Exporters from Pakistan and India heard the Chinese bids settled at 94-96pc from 94.5 -96pc of the three-month LME copper contract for copper ingots, cfr China port, from the prior week.