The weekly Davis Index for #1 copper wire (Berry) settled at $8,797/mt cfr India port prior week, down by $300/mt in sync with the weakness in the copper prices on LME. Secondary manufacturers in North India resumed purchases to maximize benefit from lowering scrap prices in sync with the LME three-month copper prices.
The three-month LME copper dropped by $467/mt to $9,071/mt on June 21 and advanced by $250/mt to settle at $9,321/mt on Wednesday from $9,538/mt June 16. In the preceding week, the three-month LME copper dropped by $366.5/mt to $9,538/mt on June 16 from $9,904.5/mt on June 9.
Exporters reported a lack of enthusiasm from buyers in Asia.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,366/mt, down by $314/mt cfr India port.
The weekly Index for #2Copper Birch cliff settled $7,900/mt cfr India port, down by $183/mt. Few participants reported trades of Birch Cliff at 84-85pc of three-month copper contract on LME from 85-86pc in the prior week.
Berry remains a competitively-priced option at present. Severe scarcity of material due to weak imports since April due to the advancement in copper prices has also supported trading.
Meanwhile, sources report that Chinese participants are getting active and are importing yellow brass scrap. Participants from Pakistan indicated a rise in deals as Chinese demand for copper ingots remains healthy.
The weekly Davis Index for yellow brass cfr India port settled at $5,429/mt, down by $103/mt. The weekly Davis Index for yellow brass settled at $5,429/mt cif Asia port, down by $103/mt. Exporters from the US offered yellow brass at 60.5-61.5pc of LME’s three-month copper contract from 59pc in the preceding week. A tightness in spreads for yellow brass was on the back of bullish demand from Chinese participants.
Pakistan and China
The weekly Davis Index for copper ingots settled at $8,902/mt cfr China port, down by $159/mt. Pakistan manufacturers cited an uptick in the demand for copper ingots from China. The weekly Davis Index for Brass Billets settled at $5,499/mt cfr China port, down by $33/mt. Secondary manufacturers exporting brass billets to China state, a sudden drop in the demand compared to the past few weeks.