The weekly Davis Index for #1 copper wire (Berry) settled at $6,209/mt cfr India port, down by $36/mt driven by the drop in three-month copper contract on LME. Importers, however, continued to buy from the domestic market where prices were 0.92pc lower than import scrap offers.
The three-month LME copper contract dropped by $38/mt to settle at $6,468/mt on Wednesday, from $6,506/mt prior week.
The weekly index for #1 wire &tube (Berry/Candy) settled at $6,338/mt cfr India port, down by $37/mt from $6,375/mt and the weekly index for #2 copper (Birch Cliff) settled at $5,692/mt, down by $33/mt from $5,725/mt the prior week.
Sale of copper ingots from India and Pakistan to China continued to 95-96pc of LME copper. The index for copper ingots settled at $6,160/mt, down by $85/mt from the prior week.
The weekly index for imported copper-bearing motors (Elmo) settled at $683/mt cfr India port, up by $23/mt.
Scrap yards in Mandi Gobindgarh struggled with closures and other restrictions as local authorities raised pollution control norms. The prices rose on the shortage of scrap driven by the rise in the demand.
The weekly index for Elmo settled at $688/mt cfr Pakistan port, down by $1/mt from the prior week with few takers.