The weekly Davis Index for #1 copper wire (Berry) settled at $9,341/mt from $9,332/mt cfr India port, up by $9/mt as traders lowered offers to woo secondary manufacturers.
Manufacturers are waiting for a downward correction in the three-month LME copper contract from the prior week. Participants remained away from the market due to lockdowns in several regions of India.
The three-month LME copper advanced by $167/mt to settle at $9,990.5/mt from $9,823.5/mt on April 28. In the week before that, the three-month copper contract shot by $452/mt to settle at $9,823.5/mt on April 28, from $9,371.5/mt on April 21.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,991/mt, down by $96/mt cfr India port. The spreads for Berry Candy widened by 2.17pc from the prior week.
The weekly Index for #2Copper Birch Cliff settled at $8,542/mt, up by $192/mt cfr India port. Imports have slowed as several Asian countries are grappling with the lockdowns due to rising COVID-19 infections. Participants expect spreads to widen further if the advancement in the three-month LME copper, and the COVID-19 situation in Asia, fails to recover. Meanwhile, Chinese participants are getting active to claim cleaner copper scrap.
The weekly Davis Index for yellow brass cfr India port settled at $5,652/mt cfr India port, down by $46/mt. Suppliers from the US and UK lowered offers to woo Asian consumers, who preferred to sit on the sidelines amidst weak domestic demand and low exports.
Pakistan and China
India and Pakistani exporters heard Chinese bids settle at 94.5pc from 93.5-94pc of the three-month LME copper contract for copper ingots, cfr China port. Traders in Pakistan reported steady demand from China for copper ingots while Indian manufacturers reported a drop in the demand for brass billets from Chinese participants.