The weekly Davis Index for #1 copper wire (Berry) jumped by $308/mt to settle at $9,179/mt as LME copper gained. Deals were heard at 97-99pc of the three-month LME copper, unchanged from the prior week.

 

The weekly Davis Index for yellow brass settled at $5,626/mt cfr India port up by $125/mt. The weekly Davis Index for yellow brass settled at $5,672/mt cif Asia port rose by $125/mt. US exporters kept offers at 63pc and 64pc of LME copper contract for cfr India port deals and cif Asia port deals, respectively. Participants reported that Chinese buyers are actively inquiring about yellow brass with less than 1pc attachments. 

 

The three-month LME copper contract rose by $207.5/mt to settle at $9,376/mt on Aug 25 from the prior week. The contract was on a downtrend from Aug 12, the three-month copper declined by $756/mt, to settle at $8,783/mt on Aug 19, the lowest level in August so far. Since then the contract has recovered to the current levels. 

 

The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,696/mt, up by $261/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 $8,111/mt, gained by $272/mt cfr India. Deals for Birch Cliff were at 86-87pc from 85-86pc of the three-month LME copper contract. 

 

Pakistan and China

The weekly Davis Index for copper ingots settled at $8,954/mt cfr China port, up by $152/mt. 

 

Chinese demand for copper ingots continues to be healthy for suppliers in Pakistan. But Indian secondary manufacturers heard bids at 95pc of three-month LME copper contract while participants from Pakistan continued to grab deals at 95.5-96.5pc of the three-month copper contract on LME. 

 

The weekly Davis Index for brass billets settled at $5,626/mt cfr China port, up by $171/mt from the prior week. Jamnagar-based exporters are not interested in chasing Chinese bids as 90pc of the units will be shut from Saturday onwards for Janmashtami festivities in Gujarat.  

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