The weekly Davis Index for copper Berry rose by Rs8,250/mt ($110.23/mt) to Rs472,250/mt del India consumer. Manufacturers earlier preferred domestic scrap over imports but a short supply of domestic scrap lifted domestic prices, which are now close to a percent higher than imported #1 copper wire (Berry) priced at $6,251/mt (Rs4,67,825) cfr India port.
The weekly Davis Index for copper Armature wire, Thursday rose to by Rs13,750/mt ($183.72/mt) to settle at Rs445,250/mt del India consumer-driven by the rising domestic demand. Davis Index heard trades for armature wire at Rs434,000 del Delhi consumer- Rs463,000/mt del West India consumer. But traders in other parts of India did not confirm trades at Rs463,000/mt level.
The Davis Index for copper heavy settled at Rs459,250/mt, up by Rs8,583/mt from the prior week. Manufacturers stayed away from trades as offers continued to rise.
The weekly index for copper sheet cutting rose by Rs2,333/mt to settle at Rs442,000/mt in line with the three-month LME copper contract.
The weekly Davis Index for copper turnings settled unchanged at Rs415,000/mt and the index for copper utensils settled unchanged at Rs420,000/mt del India consumer.
The three-month LME copper contract dropped $146.5/mt to $6,379/mt on Wednesday from $6,525.5/mt in the prior week.