The weekly Davis Index for copper Armature wire Thursday gained by Rs2,800/mt ($37.42/mt) to settle at Rs440,200/mt del India consumer despite a marginal drop in the three-month LME copper contract.
Davis Index heard bids of armature wire at Rs400,000/mt del consumer in Southern India, however, no traders confirmed trades at these rates.
Traders supplying scrap to downstream companies in Southern India and Maharashtra reported weak to no trades due to manufacturing units reducing production due to rise in COVID-19 cases.
Market participants rarely booked new scrap orders stating high rates. The traders believe that the domestic scrap prices of copper will continue to soar and the trades are likely to remain subdued. Traders in Southern India reported closure of few more manufacturing units due to COVID-19.
The weekly Davis Index for copper Berry dropped by Rs6,500/mt($86.88/mt) to settle at Rs 458,500/mt del India consumer on Thursday.
The weekly index for copper heavy dropped by Rs16,000/mt to settle at Rs443,000/mt del India consumer. The weekly index for copper sheet cutting jumped by Rs27,500/mt to settle at Rs427,500/mt del India consumer Thursday.
The three-month copper contract on LME dropped by $4/mt to settle at $6,506/mt on July 22 from $6,510/mt on July 15.
The weekly Davis Indexes for copper turnings dropped by R15,000/mt to settle at Rs400,000/mt and for copper utensils rose by Rs 5000/mt to Rs405,000/mt del India consumer on improved demand.