Offers for all copper scrap grades, including armature wire, sheet cutting, Berry, heavy, turnings, and utensils fell by $94.36-161.76/mt in the Indian domestic market driven by the drop in the three-month LME copper contract.
Participants in West India said consumers seek a further drop in offers. The secondary manufacturers in Maharashtra and Gujarat claimed that production continues to be low with scarce labour but domestic demand also remains low. In the North, the demand for domestic copper scrap picked up on the back of recommencement of production after the governments eased lockdowns in several regions.
The three-month LME copper dropped by $467/mt to $9,071/mt on June 21 and advanced by $250/mt to settle at $9,321/mt on Wednesday from $9,538/mt on June 16.
The weekly Davis Index for copper armature wire settled at Rs653,750/mt del India consumer prior week down by Rs12,000/mt ($161.79/mt).
The weekly Davis Index for copper sheet cutting settled Rs652,500/mt del India consumer, down by Rs12,000/mt. The weekly Davis Index for copper turnings settled at Rs629,000/mt del India consumer, down by Rs10,500/mt.
The weekly Davis Index for copper utensils settled at Rs637,000/mt del India consumer down by Rs10,000/mt. The weekly Index for copper Berry fell by Rs7,500/mt to Rs692,000/mt del India consumer. The Davis Index for Copper heavy dropped by Rs7,000/mt and settled at Rs682,500/mt del India consumer from the preceding week.
($1= Rs74.18)