The Davis Index for imported Honey brass Wednesday settled at Rs293,500/mt del Jamnagar consumer, up by Rs3,500/mt($46.31/mt) from the prior week in line with the rising copper prices on LME.
Davis Index heard bids at Rs290,000/mt from alloy manufacturers, but traders did not confirm deals at these levels. Traders said that the rise in prices is not supported by demand. Alloy manufacturers exporting brass billets to China shirked away from booking new orders due to the ongoing border dispute between the two countries. Reduced exports have negatively impacted scrap trades in Jamnagar.
The LME three-month copper contract rose by $134.5/mt to settle at $6,043.5/mt on June 30 from $5,909/mt on June 23.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled at Rs282,500/mt del Jamnagar consumer, down by Rs5,000/mt from the prior week in line with the soaring copper prices on LME.
In seaborne trades, Davis Index heard prices of imported Honey brass scrap at $3,600-3,800 cfr India, up from $3,350 – $3,750/mt depending upon the origin of the scrap. Honey imported scrap of US- origin was at $3,800/mt, up by $50/mt from the prior week.
Brass billet exports were heard unchanged at $3,800- 3,850/mt from the prior week. Secondary brass manufacturers said that they are avoiding booking new export orders given the uncertainty in the market over border tension. Traders and manufacturers reported a 10-15pc drop in demand from domestic downstream industries due to a rise in the COVID-19 cases in Delhi and Mumbai.
The weekly Davis Index for imported Honey brass settled at Rs296,000/mt del Delhi consumer, up by Rs1,000/mt from the prior week in line with the rise in the three-month copper contract on LME.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs286,000/mt del Delhi consumer, up by Rs 3,000/mt Delhi traders reported subdued trades.