The weekly Davis Index for #1 copper wire (Berry) dropped by $475/mt to settle at $9,051/mt as copper prices lowered on LME. Participants heard deals at 95.5-96.5pc lower levels from 98pc for the three-month LME copper contract last week.
The weekly Davis Index for yellow brass cfr India port settled at $5,764/mt, up by $66/mt. The weekly Davis Index for yellow brass settled at $5,716/mt cif Asia port up by $18/mt. Exporters from the US boosted offers to 62pc for cfr India port deals and 63pc for cif Asia port deals from 61.5pc of the LME contract. Manufacturers in India informed that they are looking at the US market following a steep price hike by European exporters for shredded honey.
The weakness in the LME three-month copper contract weighed down imports, however, buyers are expecting bids to lower even more following lesser activity from China in the future.
The LME three-month copper contract dropped by $191.5/mt to settle at $9,527.5/mt on August 4 from July 28. In an earlier week, the copper contract rose by $416/mt to $9,719/mt on July 28 from $9,303/mt on July 21.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,718/mt, down by $175/mt cfr India port. The weekly spread for #copper wire and tube was unchanged at 91-92pc from the prior week as exporters continued to boost trading in Asia. But participants remained watchful and restricted from purchasing large volumes.
The weekly index for #2Copper Birch cliff settled at $8,194/mt, fell by $213/mt cfr India. Deals for Birch Cliff were at prices flat at 86pc of the three-month copper contract on LME.
Pakistan and China
The weekly Davis Index for copper ingots settled at $9,111/mt cfr China port, down by $122/mt.
Chinese demand for copper ingots has remained healthy. But Indian secondary manufacturers heard bids at 95pc of three-month copper contract on LME while participants from Pakistan were able to fetch deals at 96.25pc of the three-month copper contract on LME.
The weekly Davis Index for brass billets settled unchanged at $5,681/mt cfr China port, down by $78/mt from the prior week. Secondary manufacturers reported increased inquiries from China and claimed that in a few days they will push offers up to 60-61pc of the three-month copper contract on LME.