The weekly Davis Index for imported Honey dropped by Rs6,000/mt ($81.38/mt) and settled at Rs302,000/mt del Delhi consumer on lower demand from downstream industries amid liquidity crunch.
The weekly Davis Index for Honey domestic-origin (Purja) settled at Rs293,000/mt del Delhi on weak demand from brass manufacturers which has created aglut in north India.
In Jamnagar, the weekly Davis Index for imported Honey settled at Rs296,000/mt, up by Rs2,667/mt on unavailability of ships to export scrap into India from the US. Ships carrying brass scrap are reaching Indian shores 15 days later than usual. In addition to this, traders shied away from booking imported scrap as the Indian rupee continued to stay above the Rs71 per US dollar level. The Indian rupee closed at Rs73.56 against the dollar on Tuesday from Rs73.43 a week ago.
The weekly Davis Index for Honey domestic-origin (Vilayati) settled at Rs286,000/mt del Jamnagar, up by Rs1,000/mt on a localised shortage of scrap. Prices rose in Jamnagar despite a drop in the three-month official LME contract. LME copper contract dropped by $70/mt to $5,598/mt on March 10 from the prior week. Earlier, LME copper contract rose by $2/mt to $5,689/mt on March 3.
An export deal for brass billets was confirmed at $4,000-4,020/mt cfr China despite the COVID-19 outbreak. Indian exporters also confirmed receiving regular payment from China against the delivery of billet exports.