Offers for copper scrap grades including armature wire, sheet cutting, berry, heavy, turnings, and utensils rose by $15-50/mt in the Indian domestic market on Thursday driven by a jump in the three-month LME copper contract.
Markets in Maharashtra and Gujarat reported a shortage of almost all scrap grades. Meanwhile in the North, bids for domestic copper scrap picked up as production resumed after unlocking in several regions.
The three-month LME copper contract rose by $84.5/mt to settle at $9,405.5/mt on June 30 from a week ago. In the earlier week, the three-month LME copper contract dropped by $217/mt to settle at $9,321/mt on June 23 from June 16.
The weekly Davis Index for copper armature wire settled at Rs657,333/mt del India consumer, up by Rs3,583/mt ($48.05/mt).
The weekly Davis Index for copper sheet cutting settled Rs655,333/mt del India consumer, up by Rs2,833/mt. The weekly Davis Index for copper turnings settled at Rs631,000/mt del India consumer, up by Rs2,000/mt from the prior week.
The weekly Davis Index for copper utensils settled at Rs637,667/mt del India consumer up by Rs667/mt. The weekly Index for copper Berry rose by Rs1,667/mt to Rs693,667/mt del India consumer prior week. The Davis Index for copper heavy rose by Rs3,833/mt to settle at Rs686,333/mt del India consumer from the prior week.