Offers for all copper scrap grades, including armature wire, sheet cutting, berry, heavy, turnings, and utensils increased in the Indian domestic market on advancement in the three-month LME Copper contract and scarcity of scrap.
In the North, bids for domestic copper scrap picked up as production resumed. Secondary manufacturers reported that imports are gaining momentum amid a scarcity in the domestic market. Despite the depreciation of the Indian rupee against the US$, traders purchased copper scrap amid stable demand.
The three-month LME Copper contract rose by $77.5/mt to settle at $9,483/mt on July 7 from $9,405.5/mt.
The weekly Davis Index for Copper armature wire settled at Rs670,750/mt up by Rs13,417/mt ($179.36/mt) del India consumer.
The weekly Davis Index for Copper Sheet cutting settled at Rs661,750/mt up by Rs6,417/mt($85.83/mt) del India consumer. The weekly Davis Index for copper turnings settled at Rs631,250/mt del India consumer, up by Rs2,50/mt.
The weekly Davis Index for Copper utensils settled at Rs649,750/mt del India consumer, up by Rs12,083/mt.
The weekly Index for Copper berry rose by Rs1,583/mt to Rs695,250/mt del India consumer prior week.
The Davis Index for Copper heavy rose by Rs1,417/mt and settled at Rs687,750/mt del India consumer from the prior week.