The weekly Davis Index for copper armature wire dropped by Rs4,500/mt ($60.93/mt) to Rs444,000/mt del India consumer driven by weakness in LME three-month copper contract from the prior week. Most of the grades sold at different levels across the India driven by region-wise availability of scrap and local demand from downstream industries.
The weekly Davis Index for copper berry rose by Rs875/mt to Rs477,000/mt del India consumer driven by the demand for the scrap grade in Western and Central India.
The Davis Index for heavy settled at Rs467,400/mt, up by Rs6,150/mt from Rs461,250/mt del India consumer on sustained demand from Central and Western India.
The weekly Davis Index for copper sheet cutting dropped by Rs1,592/mt to settle at Rs460,741/mt due to subdued demand from the downstream industries. Traders reported weak demand in the states like Gujarat and shared that industries are unable to ramp-up production due to unavailability of labour. Industries in South, Central and Western India are slowly picking momentum and are ramping-up production.
The weekly Davis Index for copper turnings settled at Rs420,000/mt down by Rs12,000/mt from the prior week. The weekly Davis Index for copper utensils settled at Rs427,000/mt, down by Rs10,000/mt from the prior week on slow demand.
The three-month LME copper dropped to $6,584/mt, down by $64/mt from prior Wednesday.