The weekly Davis Index for copper armature wire dropped up by Rs5,000/mt ($65.99/mt) to settle at Rs401,000/mt del India consumer on Thursday. Weak demand from the electric plug and wire rod makers in North India pressured prices.
Industries in Gujarat and parts of Maharashtra have resumed production at 20-40pc capacity. Traders and manufacturers located in the containment zones of Mumbai and Gujarat faced labour issues and stayed away from purchases.
The weekly Davis Index for copper berry inched up by Rs333/mt($4.39.mt) to settle at Rs420,000/mt del India consumer on Thursday. The weekly index for copper heavy rose by Rs2,417/mt to settle at Rs413,750/mt del India consumer. The weekly index for copper sheet cutting rose by Rs7,750/mt to settle at Rs407,750/mt del India consumer Thursday.
Mumbai traders supplying scrap to Central India state production pace has slowed down this week after initial resumption at a moderate pace. Plants in Aurangabad, Kalwa near Thane and Nashik, which were in the market last week, stayed away from trades this week.
The three-month copper contract on LME rose by $348.5/mt at $5,801/mt on June 10 from $5,342.5/mt on June 3.
The weekly Davis Index for copper turnings rose by Rs500/mt to settle at Rs389,000/mt and the Davis Index for copper utensils dropped by Rs3,000/mt at Rs389,000/mt del India consumer on Thursday on weak demand in the market.