The weekly Davis Index for yellow brass settled at $5,679/mt cfr India port up by $53/mt. The weekly Davis Index for yellow brass settled at $5,691/mt cif Asia port rose by $19/mt.
US exporters kept offers at 64pc and 63pc of LME copper contract for cfr India port and cif Asia port deals, respectively. Participants reported that Chinese buyers are actively inquiring for yellow brass with less than 1pc attachments. UK and European exporters kept offers at 61pc and 59pc of LME up from 58pc and 55pc, respectively, compared to the prior week.
The three-month LME copper contract dropped by $65.5/mt to settle at $9,310.5/mt on Sept 2 from $9,376/mt on Aug 25.
The weekly Davis Index for #1 copper wire and tube (Berry Candy) settled at $8,612/mt, down by $84/mt cfr India port. The weekly spread for #copper wire and tube were unchanged at 92-93pc from the prior week.
The weekly index for #2 Copper Birch cliff settled at $7,960/mt, lowered by $151/mt cfr India. Deals for Birch Cliff were at 85-86pc from 86-87pc of the three-month LME copper contract last year.
Pakistan and China
The weekly Davis Index for copper ingots settled at $8,961/mt cfr China port, up by $7/mt.
Chinese demand for copper ingots continues to be healthy for suppliers in Pakistan. But Indian secondary manufacturers heard bids at 97pc from 95pc of three-month LME copper contract while participants from Pakistan continued to grab deals at 95.5 from 95.5-96.5pc of the three-month copper contract on LME.
The weekly Davis Index for brass billets settled at $5,679/mt cfr China port, up by $53/mt from the prior week. Jamnagar-based exporters heard billets at 61pc of three-month LME copper up from 59-60pc of LME from the prior week. The manufactures did not chase Chinese bids as 90pc of the units are closed for Janmashtami festivities in Gujarat.