The weekly Davis Index for #1 copper wire (Berry) settled at $6,481/mt cfr India port up by $68/mt driven by a spike in the three-month LME copper contract. Scrap prices rose despite slow demand from downstream manufacturers.

 

The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,346/mt cfr India port, up by $33/mt driven by the rise in LME 

 

The three-month LME Copper contract rose by $70/mt to settle at $6,751/mt Wednesday from $6,681/mt from the prior week. 

 

The weekly Index for #2Copper Birch cliff settled $5,873/mt up by $60/mt from the prior week. 

 

Pakistan and China

Both Pakistan and Indian exporters received orders to sell copper ingots to China at 94.5pc of LME, down by 0.5pc from the prior week. Indian exporters shared that exports have dropped significantly after the recent Indo-China border dispute. Market participants said demand for copper scrap has dropped in India amid low export orders.

 

The weekly index for Elmo settled at $740/mt cfr Pakistan port, down by $35/mt from the prior week. Weak demand for Elmo in Pakistan’s domestic market has pulled down prices, said traders. The weekly index for Elmo settled at $725/mt cfr India port down by $23/mt from the prior week. Pakistan’s market is likely to improve in the coming weeks on an expected rise in downstream demand. 

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