India’s weekly imported copper scrap prices dropped by 1pc due to a fall in the official three-month LME copper contract and subdued demand.
The weekly Davis Index for #1 copper wire (Berry) settled at $5,676/mt cfr India port, down by $58/mt. The index for #1 wire & tube (Berry/Candy) and #2 copper (Birch/Cliff) settled at $5,532/mt and $5,071/mt cfr India port, down by $57/mt and $52/mt, respectively.
Low demand and a glut of copper-bearing electric motors (Elmo) caused prices to drop by $12/mt to settle at $625/mt cfr India port. A $5/mt drop in imported ferrous scrap prices also contributed to the fall in imported motor prices. The weekly index of motors cfr Pakistan port dropped by $2/mt to settle at $628/mt from a week ago.
Demand for copper ingots from China remained strong. Indian and Pakistani manufacturers continued to sell the product at 97.5pc of LME copper. The weekly index settled at $5,589/mt cfr China port, down by 2pc. Some manufacturers chose to book deals at a fixed price due to fluctuations in the LME copper contract.
The official three-month LME copper contract settled at $5,763/mt, Wednesday, down by $59/mt from a week ago.