The prices for the copper scrap grades rose in the domestic market. The participants reported liquidity crunch and traders are holding back imports as prices spiked in sync with the LME. Downstream manufacturers reported drop in margins as scrap material prices rose on the back of the strong three-month copper contract on LME in the past few days.
The three-month LME copper contract rose by $312/mt to settle at $8,127.5/mt on Jan 6 from $7,815.5/mt on Dec 30.
The weekly Davis Index for copper Armature wire settled at Rs537,000/mt, up by Rs21,000/mt($286.18/mt) from Rs516,000/mt del India consumer.
The weekly index for copper Berry was up by Rs28,333/mt to Rs570,333/mt del India consumer while the index for copper Heavy was up by Rs21,333/mt to Rs549,333/mt del India consumer.
The weekly Davis Index for copper Sheet Cutting rose by Rs15,667/mt to settle at Rs516,667/mt del India consumer.
The weekly Davis Indexes for copper utensils settled at Rs505,000/mt, del India consumer, up by Rs5,000/mt and for copper turnings settled at Rs497,500/mt del India consumer, up by Rs5,000/mt.