The weekly Davis Index for #1 copper wire (Berry) settled at $7,382/mt, up by $6/mt from $7,376/mt cfr India port, driven by a rise in the three-month LME copper contract. Trades suffered as exporters struggled with vessel and container availability as well as increased freight charges on several routes. Exporters said trades are likely to gain momentum from Jan 4 once scrap yards resume functioning after the New Year break.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $7,069/mt cfr India port, up by $3/mt.
The weekly Index for #2Copper Birch Cliff settled $6,640/mt cfr India port, up by $40/mt. The spreads for #wire and tube cfr India widened to 90.5pc of the three-month LME copper contract from 91pc the prior week. The spreads for #1 copper wire cfr India widened to 94.5pc of the three-month LME copper contract from 95pc the prior week.
Amid volatility in the three-month copper contract on LME, traders in South East Asia stayed away from scrap purchases. Davis Index heard that exporters have struggled to meet inspection standards in China.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids for copper ingots at 94-96pc of LME copper from 94.5 -95.5pc in the prior week.
The LME three-month copper contract up by $4/mt to settle at $7,815.5/mt on Dec 30 from $7,811.5/mt on Dec 24.