The weekly Davis Index for copper Armature wire Thursday dropped by Rs6,500/mt ($86.81/mt) to settle at Rs433,500/mt del India consumer in line with the drop in the three-month LME copper contract. Davis Index heard bids of armature wire at Rs440,000- Rs445,000/mt del consumer in Central India, however, traders in other regions did not confirm trades at these rates.
Manufacturers in Central India reported a shortage of domestic scrap in the market on the back of rising demand from downstream sectors. Manufacturers preferred to rely on domestic scrap citing a spike in the imported scrap rates on the back of the rise in LME copper contract last few weeks.
The weekly Davis Index for copper Berry rose to Rs461,400/mt, up by Rs2,900/mt ($38.73/mt) from the prior week on rising demand. The weekly Index for copper heavy rose to Rs457,000/mt, up by Rs14,000/mt from the prior week. The weekly index for copper sheet cutting jumped up Rs13,500/mt to Rs441,000/mt from the prior week.
The weekly Davis Index for copper turnings rose by Rs10,000/mt to settle at Rs410,000/mt del India consumer and the Davis Index for copper utensils rose by Rs 10,000/mt to Rs415,000/mt del India consumer on improved demand.
The three-month copper contract on LME Wednesday dropped by $38/mt to settle at $6,468/mt from $6,506/mt on July 22.
($1 =Rs74.86)