The weekly Davis Index for #1 copper wire (Berry) settled at $7,486/mt cfr India port, down by $111/mt driven by the drop in the three-month LME copper contract. There is an improvement in demand but imports are slow due to persistent vessel and container shortage.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $7,189/mt cfr India port, down by $107/mt. The spreads for #copper wire and tube (Berry Candy) cfr India remained unchanged from the prior week as participants due to shortage.
The weekly Index for #2copper Birch Cliff settled at $6,656/mt cfr India port, down by $39/mt. A few importers turned to Australia to obtain Birch Cliff at 82pc of LME.
The weak domestic demand and LME copper’s upward movement has caused importers to hold back their purchase orders. As Chinese Lunar New Year holidays will continue till Feb 12, exporters reported a drop in demand from China. Copper ingots manufacturers exporting to China reported a drop in bids from the country driven by the drop in LME.
Pakistan and China
Exporters from Pakistan and India heard Chinese bids at $94.5 to $96.5/mt from $94-96pc of LME for copper ingots prior week.
LME three-month copper contract dropped by $117/mt to settle at $7,900.5/mt from $8,017.5/mt prior week.