The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs452,000/mt del Delhi consumer, up by Rs1,000/mt ($13.46/mt) amid a rise in three-month LME copper contract. Scrap prices gained on Wednesday after moving both ways in the recent weeks.
Market participants in Delhi reported cautious buying, while sellers preferred to hold offers amid a drop in the three-month LME. Buyers pushed bids lower in sync with the LME copper, however, sellers remained unwilling to lower their offers.
In Jamnagar, the index settled at Rs458,000/mt del Jamnagar consumer, up by Rs3,000/mt ($40.40/mt) amid a fall in offers driven by a drop in the three-month LME copper. Chinese offers for brass billets were at 60pc when the LME three-month was at $9,000/mt.
Domestic manufacturers are not actively approaching Chinese market for exports as Jamnagar markets will remain closed for 10 days for Janmashtami festivities, starting this Saturday and production will halt.
The three-month LME copper settled at $8,783.5/mt on Aug 19 down by $586/mt from $9,369/mt prior Tuesday but jumped by $522/mt in the last three consecutive sessions to settle at $9,305.5/mt on Aug 24 which led to higher offers for imported Honey.
The weekly Davis Index for Honey domestic origin (Purja) settled unchanged at Rs435,000/mt del Delhi consumer from the prior week.
The weekly index for Honey domestic origin (Vilayati) settled at Rs433,667/mt del Jamnagar consumer, up by Rs3,667/mt ($45.34/mt) pressured by slow demand in the domestic market.