The weekly Davis Index for #1 copper wire (Berry) settled at $8,743/mt cfr India port, down by $54/mt on a weakness in the three-month LME copper contract. Participants stayed away from imports as three-month LME copper crashed by 6.04pc to $8,669.5/mt level intra-day on Thursday from its last closing price of $9,227.5/mt on March 3. Participants are unsure about the price direction on LME and remained away from bookings on Thursday to avoid losses should the LME copper sink further.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,351/mt, down by $35/mt cfr India port.
The weekly Index for #2Copper Birch cliff settled $7,705/mt from $7,733/mt down by $28/mt cfr India port. Davis Index heard that a few importers turned to Australia to obtain Birch cliff at 82-85pc of LME.
The weekly Davis Index for yellow brass cfr India port settled at $5,352/mt, up by $7/mt from the preceding week. Spreads for Europe-origin yellow brass tightened by 1.81pc, pushing brass scrap prices up.
Pakistan and China
Bids for copper ingots of Pakistan and India-origin were flat at 93.5-94pc of the three-month LME copper contract on a cfr China port basis.
LME’s three-month copper contract dropped by $33.5/mt to settle at $9,227.5/mt on March 3. The LME copper contract rose by $859.5/mt to settle at $9,260.5/mt on Feb 24 from $8,401/mt Feb 17.