The weekly indexes for the domestic brass scrap grades rose by $219.22/mt – $284.75/mt in Jamnagar and Delhi in sync with the recent spike in the LME three-month copper contract.
The LME three-month copper contract rose to $7,649/mt on Dec 2, up by $335/mt from $7,314/mt on Nov 24.
Market participants in Jamnagar and Delhi reported slow demand from the domestic sector. Davis Index heard Chinese offers at $4,750/mt, up by $325/mt from $4,425/mt cfr China prior week. Few brass billets manufacturers are striking deals while others are reluctant to sell at this price, as LME Copper three-month copper contract has been volatile since last few weeks.
In Jamnagar, the weekly Davis Index for Honey domestic origin (Vilayati) del consumer settled Rs336,500/mt, up by Rs17,000/mt. The weekly Index for imported Honey settled at Rs350,500/mt del consumer, up by Rs16,167/mt from Rs334,333/mt del Jamnagar consumer.
In Delhi, the weekly Davis Index for imported Honey brass Wednesday settled at Rs343,000/mt del consumer, up by Rs20,000/mt. The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs331,000/mt, up by Rs21,000/mt. Traders in Delhi reported very few trades on Wednesday due to slow demand and volatility of three-month copper contract prices on LME