Offers for copper scrap grades like armature wire, Berry, Heavy, asheet cutting, Turnings, and utensils swelled in the Indian domestic market by around $366-611/mt, in sync with the uptrend in three-month LME copper contract. Participants reported thin trades on Thursday on account of the Eid-al-Fitr holiday. Lockdowns have been extended in many states of India, negatively impacting industrial production plans.
The three-month LME copper contract gained by $555.5/mt to settle at $10,546/mt on May 12 from 9,990.5/mt on May 5. In the week ending on May 5, the three-month copper contract gained by $167/mt from $9,823.5/mt on April 28.
The weekly Davis Indexes for copper Armature wire settled at Rs729,000/mt, up by Rs29,000/mt($394/mt) del India and for copper Berry, gained by Rs30,000/mt to Rs755,000/mt del India consumer.
The weekly Index for Heavy gained by Rs27,000/mt and settled at Rs742,000/mt del India consumer.
The weekly Davis Index for copper Sheet cutting settled Rs720,000/mt from Rs685,000/mt, up by Rs35,000/mt del India consumer.
The weekly Indexes for copper utensils settled at Rs715,000/mt, up by Rs45,000/mt; and for copper turnings, settled at Rs700,000/mt del India consumer, up by Rs40,000/mt.