Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s weekly imported copper scrap prices rose by 3pc in line with the increase in the official LME copper futures contract. This rise in price, coupled with a lack of demand and liquidity resulted in low-volume bookings.


The Davis index for #1 copper wire (Berry) settled at $6,104/mt cfr India port, Thursday, up by $172/mt from a week ago. The index for #1 wire and tube (Berry Candy) settled at $5,949/mt cfr India port, up by $167/mt and the index for #2 copper (Birch/Cliff) settled at $5,453/mt cfr India port, up by $153/mt. Indian mills continued to buy domestic scrap which proved to be more affordable over imported copper wire scrap.


Pakistani imported copper-bearing electric motor (Elmo) buyers also faced a similar situation where offers for mixed motors ranged from $700-750/mt cfr.  Bids, however, were lower and the index settled at $715/mt cfr Pakistan port, up by $27/mt from a week ago in line with LME copper. Pakistani Elmo buyers also preferred to purchase from the local market.


The official three-month LME copper contract settled at $6,197.5/mt, Wednesday, up by $174/mt from a week ago.

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