The weekly Davis Index for copper Armature wire Thursday rose by Rs7,300/mt ($97.52/mt) to settle at Rs415,500/mt del India consumer boosted by a spike in the three-month LME copper contract. Trades of armature wire were heard at Rs410,000/mt del consumer in South India, however, the traders in Central India claimed that the prices were low.
Smelters in Gujarat and parts of Maharashtra resumed production two weeks ago, but have been cautious in booking new scrap orders due to an increase in prices. If prices drop, active trades are expected to return from the second week of July, said traders. Switch-gear manufacturers in Jalgaon, Ahmednagar, Nashik, Baroda shied away from the market this week citing higher rates.
The weekly Davis Index for copper Berry inched up by Rs8,500/mt ($113.55/mt) to settle at Rs438,500mt del India consumer on Thursday. Davis Index heard deals at Rs430,000/mt in South, but traders in Central India did not confirm these trades.
The weekly index for copper heavy rose by Rs11,000/mt to settle at Rs431,000/mt del India consumer. The weekly index for copper sheet cutting rose by Rs3,000/mt to settle at Rs423,667/mt del India consumer Thursday.
Mumbai traders said that there is a considerable drop in enquiries from the power sector this week.
The three-month copper contract on LME Wednesday rose by $141/mt to settle at $6,023.5/mt on July 1 from June 24, a week ago.
The weekly Davis Index for copper turnings dropped by Rs15,000/mt to settle at Rs405,000/mt and the Davis Index for copper utensils dropped by Rs11,000/mt to Rs401,000/mt del India consumer. Traders said many buyers offered lower bids and refused to strike a deal at higher prices.