India’s weekly imported copper scrap prices inched up by 2-3pc on a 2pc boost in the official three-month LME copper contract along with scrap supply crunch from the US. The US-based scrap supplier is operating at one-third capacity due to COVID-19 pandemic.
The weekly Davis Index for Berry settled at $5,279/mt cfr India port, Thursday, up by $113/mt from a week ago. The index for Berry/Candy settled at $5,146/mt cfr India port, up by $111/mt and the index for Birch/Cliff settled at $4,717/mt cfr India port, up by $101/mt.
The weekly index for imported copper-bearing motors rose by 3-4pc on the back of healthy demand from copper ingot manufacturers selling to China. The index settled at $625/mt cfr India port and $620/mt cfr Pakistan port, up by $20/mt and $22/mt, respectively.
The official three-month LME copper contract settled at $5,360/mt, Wednesday, up by $115.5/mt from a week ago after hitting a two-month high as economic activities resume globally.