The weekly Davis Index for #1 copper wire (Berry) settled at $6,657/mt, up by $167/mt from $6,490/mt, cfr India port prior week, driven by the rise in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled $6,345/mt, up by $126/mt cfr India port.
The weekly Index for #2copper Birch Cliff settled $5,981/mt cfr India port, up by $100/mt. Davis Index heard trades of #2copper Birch Cliff at 85-86pc for Gulf-origin scrap del India, but other participants did not confirm trades at these levels.
Market participants shared that the spreads of Birch Cliff importers widened to 85-86pc of LME for the Gulf-origin scrap from 87pc the prior week. Further change in the copper prices on LME is expected in the next few weeks. Traders believe prices are likely to soar further as China has become active in the market. Due to volatility in the three-month copper contract on LME, traders are in wait-and-watch mode before booking scrap from the US scrap yards.
Pakistan and China
Exporters from Pakistan and India did not confirm new offers to sell copper ingots to China. Manufacturers from both the countries heard the trades at 96-95.5pc of LME, unchanged from the prior week.
LME three-month copper contract rose by $174/mt to $6,934/mt from $6,760/mt on prior Tuesday