The offers for all copper scrap grade; armature wire, sheet cutting, berry, heavy, turnings, and utensils rose by $26.85-44.76/mt in the Indian domestic market driven by the rise in the three-month LME contract on July 21 from the prior day. Scrap availability improved but trades remained thin, driven by weak demand from secondary manufacturers. In the north and south, trades remained slow due to a lack of enthusiasm from buyers amid Eid festivities.
The three-month LME contract continued its slide in the second consecutive week and dropped by $104.5/mt to $9,244.5/mt on July 20 from July 14 and gained by $58.5/mt to settle at $9,303/mt on July 21.
The weekly Davis Index for copper armature wire settled at Rs662,667/mt up by Rs2,000/mt($26.85/mt) del India consumer from the prior week.
The weekly Davis Index for copper sheet cutting settled at Rs658,667/mt del India consumer up by Rs2,000/mt ($26.85/mt). The weekly Davis Index for copper turnings settled at Rs627,667/mt del India consumer, up by Rs2,667/mt from the prior week.
The weekly Davis Index for copper utensils settled at Rs645,667/mt del India consumer and fell by Rs2,667/mt from the prior week.
The weekly index for berry copper advanced by Rs3,334/mt to settle at Rs684,667/mt del India consumer from the prior week.
The Davis Index for heavy copper fell by Rs3,333/mt and settled at Rs678,000/mt del India consumer from the prior week.
($1= Rs74.48)