The weekly Davis Index for #1 copper wire (Berry) settled at $8,472/mt cfr India port prior week, down by $271/mt weighed down by a weakness in the three-month LME copper contract. Participants stayed away from imports as they wait for clarity in direction of LME copper prices. The three-month LME copper fell by 5.07pc to settle at $8,757/mt on March 4, from $9,227.5/mt on March 3 later and recovered by 1.82pc to $8,917/mt on March 10.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $7,445/mt; down by $260/mt cfr India port.
The weekly Index for #2Copper Birch cliff settled at $7,445/mt; down by $260/mt cfr India port from last week. Davis Index heard that few importers have turned to Australia to obtain Birch cliff at 82-85pc of LME.
The Davis Index for yellow brass cfr India port settled at $5,165/mt; down by $187/mt from $5,352/mt from the preceding week. Spreads for the grade of Netherlands and UK-origin tightened by 3.57pc.
Pakistan and China
Chinese bids for copper ingots from India and Pakistansettled at 94-96pc of the three-month LME copper contract from 93.5 to 94. 5pc last week.
The LME three-month copper contract dropped by $310.5/mt to settle at $8,917/mt from $9,227.5/mt on March 3.