The weekly Davis Index for #1 copper wire (Berry) settled at $8,931/mt, down by $161/mt on a drop in copper prices on LME. Participants heard deals at 96-97pc, down from 97pc-99pc of the three-month LME copper contract in the prior week.
Despite a depreciation of the Indian currency, imports have recovered after month-long inactivity due to low production rates during the lockdown.
The three-month LME copper contract continued its slide for the second consecutive week dropping $104.5/mt to $9,244.5/mt on July 20 from July 14. However, the LME contract gained $58.5/mt to settle at $9,303/mt on July 21.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,605/mt, down $43/mt cfr India port. The weekly spread for #copper wire and tube were at 92-93p from 91-92pc in the previous week on sustained demand in the Asian market as production resumed at full capacity.
The weekly Index for #2Copper Birch cliff settled at $8,001/mt, up by $8/mt cfr India. Deals for Birch Cliff reported at 86pc up from 85pc of the three-month copper contract on LME in the prior week.
The weekly Davis Index for yellow brass cfr India port settled at $5,454/mt, down by $44/mt. The weekly Davis Index for yellow brass settled at $5,454/mt cif Asia port, down by $87/mt. Exporters from the US lowered offers to 61.5pc from 62.5pc of the three-month LME copper in the prior week.
Pakistan and China
The weekly Davis Index for copper ingots settled at $8,838/mt cfr China port, down by $139/mt. There has been a sustained demand from Chinese buyers for copper ingots.
The weekly Davis Index for brass billets settled unchanged at $5,558/mt cfr China port, up by $52/mt from the prior week. Secondary manufacturers reported no trades with Chinese buyers as bids were unattractive for exports.