The weekly Davis Index for #1 copper wire (Berry) settled at $8,359/mt cfr India port, down by $66/mt driven by the drop in the three-month LME copper contract over the week. Demand has revived as scrap prices showed a downward trend. Traders reported fresh bookings on Wednesday, the first day of the new fiscal year.
The three-month LME copper dropped by $165.5/mt to settle at $8,845.5/mt on March 31, from $9,011/mt on March 25.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $8,027/mt cfr India port, down by $83/mt.
The weekly Index for #2Copper Birch Cliff settled at $7,386/mt cfr India port, down by $206/mt. A few importers purchased Birch Cliff at 82-85pc from 84-84.5pc of LME the prior week.
The weekly Davis Index for yellow brass cfr India port settled at $5,225/mt from $5,177/mt, up by $48/mt.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids at 94-95pc from 93.5-94pc of the three-month LME copper contract for copper ingots, cfr China port, from the prior week.