The weekly Davis Index for #1 copper wire (Berry) settled at $7,455/mt, up by $79/mt from $7,376/mt, cfr India port prior week driven by the rise in the three-month LME copper contract. Participants preferred buying domestically available #1 copper wire (Berry) scrap instead of importing it from the US and the Middle East, pushing domestic prices further up this week.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $7,083/mt cfr India port, up by $35/mt as few trades of Berry Candy at 90- 91pc of three-month copper contract on LME were reported, down from 91pc prior week.
The weekly Index for #2Copper Birch Cliff settled at $6,670/mt cfr India port, up by $163/mt. Davis Index heard trades of #2Copper Birch Cliff at 85pc, up from 82-85pc of LME for African-origin scrap delivered India.
Market participants anticipate further change in copper prices on LME in the next few weeks. Few believe that prices are likely to go up after Christmas. Due to volatility in the three-month copper contract on LME, traders in South East Asia held back the purchase of the scrap.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids at $94.5 -95.5pc of LME for copper ingots.
LME three-month copper contract rose by $125/mt to settle at $7,848.5/mt on Dec 16 from $7,723.5/mt on Dec 9.