Offers for copper scrap grades like armature wire, Berry, Heavy, Sheet cutting, Turnings, and utensils went up in the Indian domestic market, in sync with the rise in the three-month LME copper contract.
Participants reported thin trades intraday on Thursday. The three-month LME copper contract crossed the $10,000/mt mark on Thursday afternoon as per India timing.
Industrial production has halted in India due to lockdowns in several states. Downstream manufacturers avoided adding to their inventory and preferred to wait for the downward correction in the LME, which they believed will bring scrap prices down.
The three-month LME copper contract gained by $167/mt to settle at $9,990.5/mt on May 5, up from $9,823.5/mt on April 28. In the week before that, the contract gained $452/mt to settle at $9,823.5/mt from $9,371.5/mt on April 21.
The weekly Davis Index for copper Armature wire settled at Rs700,000/mt del India consumer, up by Rs10,000/mt ($135.56/mt).
The weekly Indexes for copper Berry and Heavy gained by Rs10,000/mt each to Rs725,000/mt and Rs715,000/mt del India consumer, respectively.
The weekly Davis Index for copper Sheet cutting settled at Rs685,000/mt, registering a rise of Rs10,000/mt del India consumer.
The weekly Davis Indexes for copper utensils and copper turnings settled up by Rs10,000/mt, at Rs670,000/mt and Rs660,000/mt del India consumer, respectively.