The weekly Davis Index for #1 copper wire (Berry) settled at $6,281/mt, down by $91/mt from $6,372/mt cfr India port driven by the drop in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,215/mt, up by $11/mt from $6,204/mt cfr India port on sustained demand. Davis Index heard trades of #copper wire and tube (Berry Candy) at $5,488/mt cfr India port, but other participants did not confirm trade at this level.
The weekly Index for #2Copper Birch cliff settled $5,719/mt cfr India port, down by $116/mt. Market participants shared that the import prices for berry and birch cliff got corrected after last few weeks high in LME copper contract.
Pakistan and China
Pakistan and Indian exporters got offers to sell copper ingots to China at 95.5pc of LME. The export price for copper ingot exporters rose by 0.75pc to 1pc for Pakistan traders. Market participants in Pakistan shared that exports at 95.5pc level is not a profitable deal for them as scrap prices continue to hold in the market despite a drop of $95/mt to $6,612/mt in LME three-month copper contract.
The weekly index for Elmo settled at $720/mt cfr Pakistan port, down by $20/mt while it settled at $730/mt cfr India port, up by $5/mt .
The weekly index for brass billet settled at $4,075/mt, down by $75/mt from $4,150/mt cfr China port. Manufacturers reported no trades at this level and feel Chinese buyers are waiting for the three-month copper contract to stabilise.