India’s weekly imported copper wire scrap prices rose by 5pc in line with an increase in the official three-month LME copper contract. The hike in prices worried copper manufacturers who are short of scrap supplies.
The weekly Davis Index for Berry (#1 copper wire) settled at $5,734/mt cfr India port, Thursday, up by $295/mt. The index for Berry/Candy (#1 wire & tube) settled at $5,589/mt cfr India port, up by $288/mt and the index for Birch/Cliff (#2 copper) settled at $5,123/mt cfr India port, up by $264/mt from a week ago.
Sellers of copper scrap to China and India are redirecting sales to Malaysia as China’s import quotas restrict volumes, while India’s demand is yet to recover from the economic impact of COVID-19.
The index for copper-bearing imported motors (Elmo) settled at $637/mt cfr India port, up by $2/mt from a week ago. India’s domestic copper prices did not increase in line with the rise in LME copper, causing buyers of motors to keep their bids low. Recyclers in India sell the copper obtained from motors in the domestic market.
The official three-month LME copper contract settled at $5,822/mt, Wednesday, up by $300/mt from a week ago, regaining late January levels.