The weekly indexes for most domestic brass scrap grades in Delhi and Jamnagar rose due to short supply despite a drop in the three-month LME copper contract from the prior week. Traders have held back imports driven by the rising trend on LME in last one month, which has led to shortage of scrap.
The LME three-month copper contract dropped to $7,961.5/mt on Jan 26 from $7,992/mt on Jan 19, down by $30.5/mt.
However, since Dec 24, 2002, it has risen, hitting the $8,160/mt-mark on Jan 8 before its downtrend started..
In Jamnagar domestic demand improvd and trades with China have lowered after participants from the neighbouring country lowered the bids for brass billets.
Chinese bids for brass billets are at $4,950/mt cfr China, down from $4,955/mt last prior week. Jamnagar exports 2,000mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs365,000/mt del Delhi consumer, up by Rs7,000/mt ($96.09/mt) while in Jamnagar, it settled at Rs371,250/mt del consumer, up by Rs9,250/mt.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs352,000/mt del Delhi consumer, up by Rs6,000/mt. The weekly index for Honey domestic origin (Vilayati) settled at Rs361,250/mt del Jamnagar consumer, up by Rs10,000/mt.