India’s weekly imported copper scrap prices rose by 4-5pc in line with a rise in the official three-month LME copper contract. The official three-month LME copper contract settled at $5,000.5/mt, Thursday, up by $213.5/mt from a week ago.

 

All hope of markets resuming next week, when the nationwide lockdown was scheduled to be lifted, are now in the balance, after the Prime Minister of India, Narendra Modi met with leaders of the opposition and chief ministers via video conference and suggested post the meet, that the lockdown may be extended.

 

The weekly index for Berry settled at $4,889/mt cfr India port, Thursday, up by $214/mt. The index for Berry/Candy settled at $4,764/mt cfr India port, up by $191/mt and the index for Birch/Cliff settled at $4,366/mt cfr India port, up by $180/mt from a week ago. 

Indian copper mills haven’t resumed buying yet, however, some traders have begun talks with copper scrap sellers. 

Some have also made bookings for loading scheduled for the end of April, provided sellers are able to procure containers at the time.

 

The weekly index for imported Elmo settled at $578/mt cfr India port and $560/mt cfr Pakistan port with no support from ferrous scrap prices. Elmo sellers are sceptical about sales to India as prices are not favourable, along with a huge backlog at ports. Many exporters still have their payments stuck in India as buyers are unable to release containers.

 

 

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