The offers for all copper scrap grades dropped by $83.82-187.35/mt in India, weighed down by a decline in the three-month LME copper contracts.
Participants across India reported an easing of scrap supply. They shared that trades are thin due to slow demand from secondary manufacturers. Manufacturers increased production to 70pc capacity from 40pc in the past weeks. Recyclers in the North lowered offers for domestic copper scrap to encourage scrap purchases.
The three-month LME copper contract broke its uptrend that started on June 23 and dropped by $134/mt from the prior week to settle at $9,349/mt on July 14.
The weekly Davis Index for copper armature wire fell by Rs10,083/mt ($135.26/mt) to settle at Rs660,667/mt del India consumer from the prior week.
The weekly Davis Index for copper sheet cutting declined Rs5,083/mt($68.18/mt) to settle at Rs656,667/mt del India consumer. The weekly Davis Index for copper turnings settled at Rs625,000/mt del India consumer, down by Rs6,250/mt from the prior week.
The weekly Davis Index for copper utensils settled at Rs643,000/mt del India consumer, a decline of Rs6,750/mt from the prior week.
The weekly Index for copper berry weakened by Rs13,917/mt to settle at Rs681,333/mt del India consumer from the prior week.
The Davis Index for copper heavy decreased by Rs13,083/mt and settled at Rs674,667/mt del India consumer from the prior week.