The weekly Davis Index for #1 copper wire (Berry) settled at $9,092/ cfr India port prior week, down by $110/mt on a drop in copper prices on LME. Traders kept asking prices at 97pc-99pc of the three-month LME copper contract, while bids were at 96-97pc.
Despite a depreciation of the Indian currency, imports have started to recover after month-long inactivity due to low production rates during the lockdown.
The three-month LME copper contract broke an uptrend of two weeks since June 23 and dropped by $134/mt to settle at $9,349/mt on July 14 from the prior week.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $8,648/mt, down by $124/mt cfr India port. The weekly spread for #copper wire and tube was flat from 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 $7,993/mt, down by $62/mt cfr India. Deals for Birch Cliff were reported at 86.5pc, up from 84.35pc of the three-month copper contract on LME in the prior week.
The weekly Davis Index for yellow brass cfr India port settled at $5,563/mt, down by $68/mt. The weekly Davis Index for yellow brass settled at $5,541/mt cif Asia port, down by $386/mt. Exporters from the US lowered offers to 62.5pc from 62-63pc of the three-month LME copper in the prior week.
Pakistan and China
The weekly Davis Index for copper ingots settled at $8,882/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 at $5,558/mt cfr China port, up by $52/mt from the prior week. Secondary manufacturers reported limited deals with Chinese buyers as bids by the latter are not workable amid a spike in the prices for imported honey.