India’s weekly domestic copper scrap prices rose by Rs4,000-10,000/mt ($56-140/mt) Thursday on strong demand for semi-finished copper products in the local market.
In Delhi and Mumbai, demand from secondary copper manufacturers increased by 15-20pc following new bookings from utensil-manufacturers and electric sector. Busbar producers held back scrap buying hoping weak demand from China would push prices down. Traders, however, kept prices firm bringing manufacturers back to the market with stronger demand and driving prices up. The Davis Index for Berry settled at Rs431,667/mt ($6,051/mt) del India consumer up by Rs12,000/mt ($168/mt) from a week ago.
The Davis Index for copper armature wire settled at Rs415,250/mt del India consumer up by Rs9,000/mt from a week ago on strong demand from Delhi manufacturers. Copper scrap prices in Central India, however, remained low on weak demand from switch gear manufacturers. The Davis Index for copper sheet cutting settled at Rs403,667/mt del India consumer up by Rs3,667/mt from a week ago.
The official three-month LME copper contract settled at $5,764/mt, up by 0.5pc from $5,735/mt a week ago.