The prices for Berry, Heavy and sheet cutting rose in the domestic market. The participants reported a shortage of few grades and claimed that traders are offering available scrap grades at high prices. Downstream manufacturers reported drop in margins on the back of the strong three-month copper contract on LME.
The three-month LME Copper contract dropped by $64/mt to settle at $7,784.5/mt on Dec 23 from $7,848.5/mt on Dec 16
The weekly Davis Index for copper armature wire settled at Rs530,000/mt, down by Rs1,333/mt($18.12/mt) from Rs531,333/mt del India consumer. Davis Index heard trades of copper armature wire at Rs550,000/mt del India consumer around Mumbai, however, not all participants confirmed trades at these levels.
The weekly Index for copper Berry rose by 2,334/mt to Rs558,667/mt del India consumer while the weekly index for copper Heavy rose by Rs18,000/mt and settled at Rs547,333/mt delivered India consumer.
The weekly Davis Index for copper sheet cutting rose by Rs2,000/mt to settle at Rs522,667/mt from Rs520,667/mt del India consumer.
The weekly Davis Index for copper utensils and copper turnings remained unchanged at Rs500,000/mt del India consumer and Rs492,500/mt del India consumer, respectively.