The weekly indexes for the domestic brass scrap grades rose in Jamnagar and Delhi in sync with the recent rise in the LME three-month copper contract.
The LME three-month copper contract rose by $243/mt to $7,314/mt on Nov 24 from $7,071/mt prior Tuesday.
Market participants in Jamnagar and Delhi reported slow demand from the domestic sector. Davis Index heard Chinese offers at $4,425/mt cfr China, up from $4,325/mt cfr China prior week. For brass billets, few manufacturers struck deals to sell $4,370/mt cfr China fearing that the prices may come down in future. The manufactures had earlier expressed unwillingness to strike a deal at 4,250/mt, the price offered by Chinese buyers in the earlier weeks.
The weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs319,500/mt del Jamnagar consumer, up by Rs4,500/mt ($60.87/mt). The weekly Davis Index for imported Honey settled at Rs334,333/mt, up by Rs5,166/mt from Rs329,167/mt del Jamnagar consumer.
The weekly Index for imported Honey brass Wednesday settled at Rs323,000/mt del Delhi consumer, up by Rs10,000/mt ($/mt). The weekly Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs310,000/mt, up by Rs7,000/mt. Traders in Delhi reported fewer trades on Wednesday due to slow demand