The weekly Davis Index for #1copper wire (Berry) fell by $260/mt to settle at $6,189/mt cfr India port driven by a weakness in the three-month LME copper contracts.
The weekly Davis Index for #copper wire and tube (Berry Candy) settled at $5,926/mt cfr India port, down by $257/mt from the prior week driven by LME. The three-month LME copper contract dropped by $64/mt during the week to settle at $6,584/mt on Wednesday.
The weekly index for #2 copper (Birch Cliff) settled at $5,761/mt, down by $90/mt from $5,851/mt in the prior week.
Pakistan and China
Pakistan exporters sold copper ingots at levels 93.5- 95.5pc of LME against 94-96pc of LME in the prior week. Indian exporters sold copper ingots at 96pc of LME.
The weekly index for Elmo settled at $685/mt cfr Pakistan port, down by $40/mt from the prior week. Market participants reported subdued demand for Elmo in Pakistan’s domestic market. The weekly index for Elmo settled at $755/mt cfr India port, driven by steady demand in the Indian market. Exporters said they prefer to sell Elmos in the Indian market as they fetch better prices.
The weekly index for brass billet settled at $4,100/mt cfr China port, up by $15/mt but manufacturers showed no interest in selling at this level.