The weekly Davis Index for #1 copper wire (Berry) settled at $6,375/mt cfr India port, down by $37/mt driven by the drop in three-month copper contract on LME. Importers, however, continued to buy from the domestic market where prices were 4pc lower than import scrap offers.
The three-month LME copper contract dropped by $4/mt to settle at $6,506/mt on Wednesday from $6,510/mt prior week. Three-month LME copper contract dropped to $6,410.5/mt on July 20, only to gain $94.5/mt a day later to settle at $6,505/mt on July 21 on continued supply concerns from Chile- a key copper producer.
The weekly index for #1 wire & tube (Berry/Candy) settled at $6,245/mt cfr India port, down by $4/mt from $6,249/mt and the weekly index for #2 copper (Birch Cliff) settled at $5,725/mt, down by $3/mt from $5,728/mt the prior week.
Sale of copper ingots from India and Pakistan to China continued to 96-97pc of LME copper. The index for copper ingots settled at $6,245/mt, up by $20/mt from the prior week.
The weekly index for imported copper-bearing motors (Elmo) settled at $660/mt cfr India port, up by $17/mt. Buyers received offers around $720-725/mt, however, prevailing domestic demand restricted buyers from bidding above $650/mt. Scrap yards in Mandi Gobindgarh struggled with closures and other restrictions as local authorities raised pollution control norms.
The weekly index for Elmo settled at $689/mt cfr Pakistan port, down by $16/mt from the prior week with few takers.