Market participants in Delhi reported a sustained demand for copper scrap. Jamnagar markets reopened after Janmashtami festivities as participants resumed booking of imported scrap.
The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs453,000/mt del Delhi consumer, down by Rs3,500/mt ($47.57/mt) amid a drop in the three-month LME copper contract. Scrap prices lowered on Wednesday after gaining, last week.
Market participants in Delhi continued to book deals and buyers entered the market with renewed interest as demand increased from the downstream industries. Buyers lowered bids in sync with the LME copper. Trades picked up as consumers bought scrap before prices surged in line with an increase in LME.
For Jamnagar, the index settled at Rs456,667/mt del Jamnagar consumer, down by Rs1,583/mt ($21.50/mt) amid a drop in offers driven by the weakening in the three-month LME copper. Chinese offers for brass billets remained at 61pc of LME, unchanged from the prior week.
Chinese participants slowed down booking import orders of brass billets from Indian manufacturers.
The three-month LME copper settled at $9,340/mt on Sept 7 from $9,457.5/mt on Aug 31, down by $117.5/mt. The three-month LME copper gained by $152/mt last week from $9,305.5/mt on Aug 24.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs43,6000/mt del Delhi consumer, down by $2,000/mt($27.17/mt).
The weekly index for Honey domestic origin (Vilayati) settled at Rs432,667/mt del Jamnagar consumer, down by Rs2,833/mt