The weekly Davis Index for #1 copper wire (Berry) settled at $9,097/mt cfr India port, down by $263/mt in sync with the weakness in the copper prices on LME. Secondary manufacturers in India are watchful of the global copper prices but have resumed purchases to maximize benefit from lowering scrap prices in sync with the LME three-month copper prices.
In several regions, regional authorities are allowing plants to operate while ensuring COVID-19 protocols are followed for all the employees.
The three-month LME copper dropped by $366.5/mt to $9,538/mt on Wednesday from $9,904.5/mt on June 9. In the week before June 9, the contract dropped by $229/mt from $10,133.5/mt on June 2.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,680/mt, down by $284/mt cfr India port.
Deals of Berry Candy were reported at 92-93pc, while offers were at 90-91pc of the three-month copper contract. The weekly Index for #2Copper Birch cliff settled $8,083/mt, down by $336/mt cfr India port. Few participants reported trades of Birch Cliff at 85-86pc, and others shared that offers remained at 84pc of the three-month copper contract.
Sources report that Chinese participants are getting active and are importing yellow brass scrap. Trades in Pakistan are picking up as global copper prices continued to deepen.
The weekly Davis Index for yellow brass cfr India port settled at $5,532/mt from $5,769/mt, down by $237/mt. The weekly Davis Index for yellow brass settled at $5,532/mt cif Asia port, down by $262/mt.
The exporters from the US lowered yellow brass offers to 59pc from 60.5pc of the three-month LME copper prices the prior week to attract importers, who preferred to remain on the sidelines, awaiting further drop in the scrap prices.
Pakistan and China
The weekly Davis Index for copper ingots settled at $9,061/mt cfr China port, down by $348/mt cfr. Indians and Pakistan manufacturers reported a revival of demand for copper ingots from China.
The weekly Davis Index for brass billets cfr China port settled at $5,532/mt from $5,893/mt, down by $361/mt. Secondary manufacturers exporting brass billets from China reported a sudden drop in Chinese demand from the past few weeks.