Offers for copper scrap grades like Armature wire, Berry, Heavy, Sheet cutting, Turnings, and utensils dropped in the Indian domestic market by $119-140/mt in sync with the drop in the three-month LME copper contract over the week after a bullish run.
Trades thinned as production is working at 25-40pc capacity level due to lockdowns. Many states have extended lockdown till May 30, bringing domestic demand down.
The three-month LME copper contract dropped by $408/mt to $10,138/mt on May 19 from $10,546/mt May 12. In the fortnight before that, the three-month contract jumped by $722.5.
The weekly Davis Index for copper Armature wire settled at Rs718,750/mt, down by Rs10,250/mt ($140.18/mt) del India consumer.
The weekly Index for copper Berry dropped by Rs10,250/mt to Rs744,750/mt del India consumer with buyers paying 6.95pc more for domestic Berry over imported. However, imported Berry’s availability is scarce as imports were reduced following a whopping rise in scrap prices in sync with LME and after-effects of lockdowns.
The weekly Davis Index for copper Heavy dropped by Rs9,250/mt and settled at Rs732,750/mt from Rs742,000/mt del India consumer.
The weekly Davis Index for Sheet cutting settled Rs711,250/mt, down by Rs8,750/mt del India consumer.
The weekly Davis Indexes for copper utensils settled at Rs706,250/mt, down by Rs8,750/mt while for copper turnings, it settled at Rs691,250/mt del India consumer, down by Rs8,750/mt.