The weekly Davis Index for #1 copper wire (Berry) settled at $6,514/mt cfr India port, up by $368/mt driven by the spike in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,347/mt, up by $397/mt from $5,950/mt cfr India port.
The weekly index for #2 copper Birch cliff settled at $5,860/mt cfr India port, up by $205/mt. Market participants shared that the imported birch cliff was available at $5,708/mt cfr India port, but other participants did not confirm trades at these levels. Importers informed that the trades have thinned ahead of festival season in India. Traders are taking a wait-and-watch approach as manufacturers are preferring to rely on their inventories as three-month LME copper contract witnessed a spike.
Pakistan and China
Exporters from Pakistan and India got offers to sell copper ingots to China at 96-96.5pc and 95.5pc of LME, respectively. The export price for copper ingot rose by 0.50pc for Pakistan traders.
Chinese buyers are relying more on purchase of copper ingots as scrap import quotas have gotten over. Pakistan exported 7,500mt of copper ingots to China in September.
The LME three-month copper contract rose by $177.5/mt to $6,715.5/mt from $6,538/mt the prior week.
The weekly index for Elmo settled at $718/mt, up by $28/mt from $690/mt cfr Pakistan port. Participants reported sustained demand for Elmos in Pakistan. The weekly index for Elmo settled at $695/mt cfr India port, down by $15/mt on weak demand.
The weekly index for brass billet settled $4,130/mt cfr China port, up by $55/mt. Manufacturers reported a rise in queries for brass billets from China and are optimistic that China would raise the prices in sync with the rise in copper prices on LME.