The prices of copper scrap grades showed a mixed trend with weak demand being reported as participants delayed the purchase of imported scrap, whose cost spiked in sync with LME. The three-month LME copper contract rose by $167mt to settle at $7,101/mt on Nov 18 from the prior week. The participants are hopeful that the prices will stabilize after Christmas. Majority of manufacturing units were closed for Diwali break earlier this week.
The weekly Davis Index for copper armature wire settled at Rs469,667/mt, up by Rs3,000/mt($40.40/mt) from Rs466,667/mt del India consumer. Davis Index heard trades of copper armature wire at Rs475,000/mt del India consumer around Mumbai, however, not all participants confirmed trades at these levels.
Market participants in North and Western India reported slow demand for copper scrap, while traders in Southern India witnessed good demand.
The weekly Index for copper Berry dropped by 4,833/mt to Rs492,167/mt del India consumer. Davis Index heard trades of copper Berry at Rs500,000-505,000/mt delivered Mumbai consumer but participants in other parts of India did not confirm trades at these levels.
The Davis Index for Heavy dropped by Rs8,083/mt and settled at Rs482,167/mt delivered India consumer.
The weekly Davis Indexes for copper Sheet Cutting dropped by Rs9,167/mt to settle at Rs465,833/mt del India consumer while for copper utensils settled at Rs445,000/mt del India consumer, up by Rs2,000/mt. The weekly Davis Index for copper turnings settled at Rs440,000/mt del India consumer, up by Rs2,000/mt.