The weekly Davis Index for #1 copper wire (Berry) settled at $8,573/mt from $8,472/mt cfr India port, up by $101/mt driven by the gain in the three-month LME copper contract from the prior week. Imports remained slow on subdued demand in Asia, with Indian traders preferring to cut down on imports as the fiscal year ends this month.
The three-month LME copper advanced by $107.5/mt to settle at $9,024.5/mt on March 17, from $8,917/mt on March 10. In the week before March 10, copper prices were volatile and had crashed by 5.07pc to settle at $8,757/mt on March 4 only to recover later.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $8,167/mt from $7,445/mt, up by $97/mt cfr India port.
The weekly Index for #2Copper Birch Cliff settled $7,535/mt cfr India port, up by $90/mt. A few importers turned to Australia to obtain Birch Cliff at 82-85pc of LME.
Domestic demand remained sluggish in many parts. The weekly Davis Index for yellow brass cfr India port settled at $5,302/mt from $5,165/mt, an increase of $137/mt.
Pakistan and China
Exporters from Pakistan and India heard the Chinese bids flat at 93.5-94pc from 94-96pc of the three-month LME copper contract for copper ingots from the prior week.