The weekly Davis Index for imported Honey brass Wednesday rose by Rs1,125/mt ($15.03/mt) from the prior week to settle Rs315,000/mt del Jamnagar consumer driven by a spike in imported aluminium scrap prices despite a drop in LME copper contract. The three-month official copper contract dropped by $74/mt to settle at $6,361/mt on August 11, down from $6,435/mt on August 4
Few deals closed in Jamnagar as traders observed two-day holiday for Janmashtami, a revered religious festival in Gujarat. The market will reopen for trade on Thursday.
Alloy manufacturers continued to stay away from exports markets due to an increase in their input cost. They said exports prices bid by Chinese buyers remain impossible. Davis Index heard offers for brass billets at $4,080- 4,100/mt level, but no deals were confirmed at these rates. Offers for imported honey cfr India were heard at $4,050 -3,850.
The weekly Davis Index for Honey brass domestic origin (Vilayati) rose by Rs3,750/mt($50.10/mt) to settle at Rs305,000/mt del Jamnagar consumer as some traders said there is a shortage of scrap in the market.
Few brass scrap trades were reported in Delhi this week. The Davis Index for imported Honey brass settled unchanged at Rs307,000/mt from the prior week. The Davis Index for Honey domestic origin (Purja) dropped by Rs7,000/mt to settle at Rs295,000/mt del Delhi consumer from the prior week on moderate trades.
($1= Rs74.83)