The weekly indexes for most of the domestic brass scrap grades rose for consumers in Delhi and Jamnagar despite a drop in the three-month LME copper contract from the prior week.
Market participants in Jamnagar reported sustained demand whereas those in Delhi reported slow demand from the domestic sector. Despite several inquiries from China for brass billets, no deals were confirmed as Chinese traders refused to revise their offers above 4,150/mt cfr China level.
The LME three-month copper contract dropped to $6,807.5/mt, down by $29/mt from $6,836.5/mt prior Tuesday.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs315,000/mt del Delhi consumer, down by Rs5,000/mt($67.67/mt). The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs303,000/mt, up by Rs5,000/mt. Traders in Delhi reported no trades in the last two days due to sluggish demand and the overall increase in the three-month copper contract.
The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled Rs310,000/mt, up by Rs800/mt. The weekly Davis Index for imported Honey rose to Rs324,250/mt del Jamnagar consumer, up by Rs2,500/mt on sustained but slow demand.