Prices of copper scrap except for copper sheet cutting dropped in India on sustained demand in Western and Central part of India. Market participants dialed down scrap purchases ahead of Diwali festival despite the rise in the price of the three-month copper contract on LME. Traders are in the process of clearing existing inventories as they expect copper prices to change in accordance with US elections results.
The weekly Davis Index for copper armature wire settled at Rs459,333/mt del India consumer, down by Rs334/mt ($4.50/mt). Copper scrap prices dropped as market participants took a wait-and-watch approach in booking orders for the post-Diwali period. The three-month copper contract rose by $46.5/mt to $6,760/mt from last Wednesday.
Market participants in North and South India reported sustained demand for copper scrap. The weekly Index for copper Berry dropped by Rs4,000/mt ($53.92/mt) to Rs476,667/mt del India consumer. Davis Index heard trades of copper Berry at Rs480,000/mt del Mumbai consumer but participants in other parts of India did not confirm trades at these levels.
The Davis Index for Heavy dropped by Rs16,482/mt and settled at Rs462,333/mt delivered India consumer from the prior week.
The weekly Index for copper sheet cutting rose by Rs1,333/mt to settle at Rs461,333/mt del India consumer.
The weekly Davis Indexes for copper utensils settled at Rs432,000/mt, down by Rs1,000/mt del India consumer while for copper turnings settled at Rs427,000/mt del India consumer, down by Rs1,000/mt.