The weekly Davis Index for copper armature wire remained unchanged at Rs394,000/mt del India consumer on Thursday as domestic markets were shut due to COVID-19 lockdown. No trades were reported.
Downstream production remained shut and is expected to resume only when the situation normalises after April 14. Manufacturers are unable to get the delivery of material from the ports due to unavailability of labour for unloading the shipments.
The index for Berry settled at Rs386,000/mt del India consumer on Thursday, unchanged for the last two weeks since the lockdown. The weekly index for domestic heavy settled at Rs383,000/mt del India consumer. The index for copper sheet cutting remained flat at Rs377,500/mt del India consumer, unchanged from a week ago. Manufacturers shied away from booking new imported scrap orders and preferred to wait till end-consumers resume operations.
The index for copper turnings and copper utensils settled at Rs360,000/mt and Rs360,000/mt del India consumer, respectively, also flat.
Manufacturers expect a shortage of scrap when the markets reopen around April 14. Scrap prices are expected to move up in the first week of May after manufacturers and downstream industries return to normal levels of production.