The weekly Davis Index for copper armature wire settled flat at Rs394,000/mt del India consumer on Thursday. No trades were reported since markets and downstream production remained shut due to the Indian government extending its nation-wide COVID-19 lockdown till May 3.
The index for Berry settled at Rs386,000/mt del India consumer on Thursday, flat for the last four weeks because of the lockdown. The weekly index for domestic heavy settled at Rs383,000/mt del India consumer. The index for Copper sheet cutting remained flat at Rs377,500/mt del India consumer.
Manufacturers are shying away from booking imported scrap and are taking a wait-and-watch approach as uncertainty looms over downstream industries resuming production.
The index for copper turnings and copper utensils settled at Rs360,000/mt and Rs360,000/mt del India consumer, respectively, also flat.
Manufacturers said that they will not book imported scrap until the government lifts its lockdown.