The weekly Davis Index for copper armature wire dropped by Rs9,000/mt ($118.70/mt) to settle at Rs385,000/mt del India consumer on Thursday. Traders in Delhi reported a moderate demand for armature wire from electric plug and wire rod industries located in North India. Industries located in Gujarat and Madhya Pradesh are operating at mere 20pc of their production capacities. No trades for armature wire were heard in Mumbai region as the COVID-19 situation continues to be grim there.
The weekly Davis Index for copper berry inched up by Rs6,000/mt to settle at Rs392,000/mt del India consumer on Thursday. The weekly index for copper heavy settle at Rs395,000/mt del India consumer Thursday, up by Rs12,000/mt. The weekly index for copper sheet cutting settled at Rs390,000/mt del India consumer, up by Rs12,500/mt.
Traders supplying scrap material to Central India claimed that copper scrap prices rose in line with the three-month copper contract on LME. Traders cited that the rise in the prices of heavy and sheet cutting was driven by drop in scrap generation as several industrial units remained shut during the extended national lockdown.
The three-month copper contract on LME rose by $716/mt to $5,342.5/mt on May 27 from $4,626.5/mt on March 23, a day prior to the lockdown in India. The weekly Davis Index for both copper turnings and utensils rose by Rs5,000/mt to settle at Rs365,000/mt del India consumer on Thursday reflecting the rise in the three-month copper contract on LME.
Industries manufacturing copper rods preferred copper cathodes instead of copper scrap. Davis Index heard trades of copper cathodes at Rs410,000/mt on Thursday.