India’s weekly imported copper scrap prices dropped by $135-160/mt, Thursday, on a $156/mt drop in the official three-month LME copper contract from last Wednesday.
The weekly Davis Index for Berry settled at $5,464/mt cfr India port, down by $153/mt and the index for Berry/Candy settled at $5,339/mt cfr India port, down by $150/mt. The index for Birch/Cliff settled at $4,894/mt cfr India port, down by $138/mt.
Indian copper mills received fewer offers from scrap sellers due to a fall in LME and uncertainty in global markets amidst the spread of COVID-19. Market participants are waiting for a clear price direction before confirming bookings. The Indian currency continued its fall and depreciated by Rs0.44 to Rs74.19 from March 5, adding to buyers’ negative sentiments.
The Davis Index for imported Elmo settled at $692/mt cfr India port, up by $14/mt from a week ago. Yards processing motors in Mandi Gobindgarh and Ludhiana remained shut due to a National Green Tribunal order over air pollution concerns. At present, it is unclear when these yards could resume work. The index for imported Elmo settled at $667/mt cfr Pakistan port, up by $7/mt from a week ago.
Bookings of copper ingots by Chinese mills picked up in the week. The Davis Index for copper ingots cif China port settled at $5,330/mt, Thursday, down by $149/mt from a week ago.
The official three-month LME copper contract settled at $5,562/mt on Wednesday down by 2.7pc from a week ago. The futures copper contract dropped to its lowest on Monday to $5,495/mt.