Domestic copper scrap prices rose as market participants in central and North India restrained from importing following a spike in the three-month copper contract last week. This week, participants reported sustained demand.
The weekly Davis Index for copper armature wire settled at Rs459,667/mt del India consumer, up by Rs5,667/mt ($76.22/mt). The three-month copper contract dropped by $233/mt to $6731.5mt from prior Wednesday.
There was sustained demand for copper scrap in North and South India. The prices of most grades rose on demand from Central India as manufacturers returned to the market after holding back last week due to spike in prices on LME.
The weekly index for copper Berry rose by Rs4,000/mt to Rs480,667/mt del India consumer.
The Davis Indexes for heavy was up by Rs11,333/mt and settled at Rs473,333/mt delivered India consumer and for copper sheet cutting settled unchanged at Rs460,000/mt del India consumer.
The weekly Davis Indexes for copper utensils settled at Rs433,000/mt del India consumer, up by Rs1,000/mt and for copper turnings settled at Rs428,000/mt del India consumer, also up by Rs1,000/mt.