The weekly Davis Index for copper armature wire climbed up by Rs6,333/mt ($83.81/mt) to settle at Rs391,333/mt del India consumer on Thursday. Traders from Delhi reported a rise in the demand for armature wire from electric plug and wire rod industries located in North India. Davis Index heard armature wire trades at Rs392,000/mt del consumer in Delhi and other parts of North India.
Plants located in parts of Maharashtra other than Mumbai where COVID-19 spread is less have resumed production. Traders in Maharashtra say demand has recovered to 60pc of pre-pandemic levels. Market sentiment is positive and demand is expected to rise for the next two months. There were no trades by producers in Mumbai and Gujarat.
The weekly Davis Index for copper berry rose by Rs10,333/mt ($136.74/mt) to settle at Rs402,333/mt del India consumer on Thursday. The weekly index for copper heavy moved up by Rs5,000/mt to settle at Rs395,000/mt del India consumer. The weekly index for copper sheet cutting rose by Rs6,000/mt to settle at Rs390,000/mt del India consumer Thursday.
Traders in Mumbai supplying scrap material in Central India state rise in copper scrap prices was driven by increased demand from power and heavy electrical industries. Plants located in Aurangabad, Kalwa near Thane and Nashik are back in the market and have resumed purchases.
The three-month copper contract on LME rose by $179.5/mt to $5,522/mt on June 3 from $5,342.5/mt on May 27. The weekly Davis Index for both copper turnings and utensils rose by Rs3,311/mt to settle at Rs368,111/mt del India consumer on Thursday following the increase in the three-month LME copper contract.