The weekly Davis Index for #1 copper wire (Berry) settled at $6,146/mt, down by $135/mt from $6,281/mt cfr India port prior week driven by the drop in the three-month LME copper contract.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $5,950/mt, down by $265/mt from $6,215/mt cfr India port on weak demand.
The weekly Index for #2Copper Birch cliff settled at $5,655/mt, down by $64/mt from $5,719/mt, down cfr India port prior week. Some traders shared imported birch cliff was available at $5,557/mt cfr India port, but other participants did not confirm trades at these level.
Pakistan and China
Both Pakistan and Indian exporters received bids for copper ingots to China at 96c and 95.5pc of LME, respectively. The export price for copper ingot exporters rose by 0.50pc for Pakistan traders. Earlier market participants from Pakistan had told Chinese counterparts that exports at 95.5pc level were not a profitable deal for them as scrap prices continue to hold in the market despite drop in LME three-month copper contract. LME three-month copper contract dropped by $74/mt to $6,538/mt from $6,612/mt from the prior week.
The weekly index for Elmo settled at $690/mt down by $30/mt from $720/mt cfr Pakistan port the prior week. The weekly index for Elmo settled at $710/mt down by $20/mt from $730/mt cfr India port the prior week.
The weekly index for brass billet settled unchanged at $4,075/mt cfr China port prior week. Manufacturers reported no trades at this level.