The weekly Davis Index for #1copper wire (Berry) Thursday rose by $198/mt to settle at $6,449/mt cfr India port from the prior week driven by a spike in the three-month LME Copper contract.
The index for #copper wire and tube (Berry Candy) settled at $6,183/mt cfr India port, up by $123/mt from the prior week. The three-month LME copper contract rose by $69/mt to settle at $6,448/mt on Wednesday from $6,379/mt the prior week.
Pakistani exporters sold copper ingots at 94-96pc of LME against 95-96pc in the week prior. The weekly index for Asian copper ingots settled at $6,316/mt cfr China, up by $224/mt from the prior week as trade tensions between India and China continue.
The weekly index for imported copper-bearing motors (Elmo) rose by $60/mt to settle at $750/mt cfr India port. The weekly index for yellow brass settled at $4,050/mt cfr India port, up by $80/mt from the prior week.
The weekly Index for #2 copper (Birch Cliff ) settled at $5,851/mt, up by $109/mt from $5,742/mt in the prior week.
Pakistan and China
The weekly index for Elmo increased by $37/mt to settle at $725/mt cfr Pakistan port from the prior week. Market participants reported subdued demand for Elmo in Pakistan.
The weekly index for brass billet settled at $4,085/mt cfr China port down by $5 as manufacturers shied away from trades at higher prices.