The weekly Davis Index for #1 copper wire (Berry) settled at $6,739/mt, up by $225/mt from $6,514/mt cfr India port driven by the spike in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $6,617/mt cfr India port, up by $270/mt.
The weekly Index for #2Copper Birch cliff settled at $6,077/mt cfr India port, up by $217/mt.
Market participants shared that the imported birch cliff was available at $5,989/mt cfr India port, but other participants did not confirm trades at these levels. Importers informed that the trades have thinned, and the market is bearish ahead of festival season in India. Traders are adopting a wait-and-watch approach as manufacturers preferred to rely on their inventories as three-month LME copper contract witnessed a spike.
Pakistan and China
Exporters from Pakistan and India got offers to sell copper ingots to China at 96pc and 95pc of LME, respectively, both down by 0.5pc from the prior year.
Market participants from Pakistan had earlier quoted exports at 96.5pc to their Chinese counterparts. The manufacturers from Pakistan informed that they expect China to revise import price for copper ingots according to the new specification after China decided to allow imports of copper and aluminium from November 1. Pakistan exported 7,500mt of copper ingots to China in September.
LME three-month copper contract rose by $249/mt to $6,964.5 from $6,715.5/mt on prior Tuesday.
The weekly index for Elmo settled at $735/mt cfr Pakistan port, up by $17/mt. Participants reported sustained demand for Elmos in Pakistan. The weekly index for Elmo settled at $663/mt cfr India port, down by $32/mt on weak demand.