Offers for all copper scrap grades including armature wire, sheet cutting, berry, heavy, turnings, and utensils dropped in the range of $332.48-629.02/mt in the Indian domestic market on a decline in the three-month LME copper contract.
Buyers have reduced bids furtheras LME-three-month copper continued to tumble for a second successive week. Sellers are, however, reluctant to lower the offers just yet, noted participants.
Secondary manufacturers across India are operating at 50pc production capacity as they wait for migrated labours to return to work.
The three-month LME copper contract fell by $366.5/mt to settle at $9,538/mt on Wednesday from a week ago. The three-month LME copper dropped by $229/mt to $9,904.5/mt in a week till June 9.
The weekly Davis Index for Copper armature wire settled at Rs665,750/mt del India consumer, down by Rs44,917/mt ($605.48/mt).
The weekly Davis Index for copper Sheet cutting settled Rs664,500/mt del India consumer down by Rs46,167/mt on Thursday. The weekly Davis Index for copper turnings settled at Rs639,500/mt del India consumer, down by Rs40,833/mt from the prior week.
The weekly Davis Index for copper Utensils settled at Rs647,000/mt down by Rs24,667/mt.The weekly Index for Copper berry fell by Rs34,167/mt to Rs699,500/mt del India consumer. The Davis Index for copper Heavy dropped by Rs37,167/mt and settled at Rs689,500/mt del India consumer the prior week.