The prices for all copper scrap grades, except Berry, dropped in the domestic market as trading was slow on account of harvest festivals Makar Sankranti and Pongal being celebrated in various parts of India
Downstream manufacturers are affected due to drop in margins as scrap material continued its rally on the back of the strong three-month copper contract on LME in the past few days.
There is a severe shortage of Berry scrap in the domestic market. The weekly index for copper Berry was up by Rs2,667/mt to Rs573,000/mt del India consumer.
The three-month LME Copper contract dropped by $157/mt to settle at $7,970.5/mt on Jan 13 from $8,127.5/mt on Jan 6.
The weekly Davis Index for copper armature wire settled at Rs534,333/mt del India consumer prior week, down by Rs2,667/mt($36.50/mt).
The weekly index for copper Heavy dropped by 3,333/mt to settle at Rs546,000/mt delivered India consumer.
The weekly Davis Index for copper sheet cutting dropped by Rs167/mt to settle at Rs516,500/mt, from Rs516,667/mt del India consumer the prior week.
The weekly Davis Index for copper utensils settled at Rs500,000/mt, del India consumer from the prior week, down by Rs5,000/mt while the index for copper turnings settled at Rs490,000/mt del India consumer down by Rs7,500/mt.