The weekly Davis Index for #1 copper wire (Berry) settled at $9,202/ cfr India port prior week, down by $15/mt despite a gain in copper prices on LME. Asian buyers pulled bids down from 97pc-99pc to 96-97pc of the three-month copper contract on LME. Despite the depreciation of the Indian rupee against the US$, imports recovered as the market stayed inactivity for over a month due to low production rates.
The three-month LME Copper contract rose by $77.5/mt to settle at $9,483/mt on July 7 from 9,405.5/mt.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,772/mt, up by $25/mt cfr India port. The weekly spread for #copper wire and tube settled flat from the previous week. There is a sustained demand in India for the grade as production resumed at full capacity.
The weekly Index for #2Copper Birch cliff settled $8,055/mt down by $34/mt cfr India port prior week. Deals for Birch Cliff were reported at 84.35pc of three-month copper contract on LME, down from 86pc last week.
The weekly Davis Index for yellow brass cfr India port settled at $5,631/mt, up by $152/mt from the preceding week. The weekly Davis Index for yellow brass settled at $5,927/mt cif Asia port up by $254/mt. Exporters from the US increased the yellow brass offers to 62-63pc of the three-month LME contract for Chinese buyers on a cfr basis. Deals for yellow brass were heard at 62-63pc of the LME copper contract cfr China and South Korea from 60.5-62pc last week.
Pakistan and China
The weekly Davis Index for copper ingots settled at $9,021/mt, up by $86/mt cfr China port from the prior week. Although there is an increase in orders with Indian and Pakistani sellers, sellers are not pegging it on Malaysian lockdown. The weekly Davis Index for Brass Billets settled unchanged at $5,506/mt cfr China port. Secondary manufacturers exporting brass billets to China state bids are not workable for them considering the spike in the prices for imported honey.