Domestic prices for the copper scrap grades like Armature wire, Berry and Heavy, among others, increased. Demand was weak as domestic buyers stayed away from booking new orders due to various reasons — the resurgence of COVID-19 infections, the depreciation of Indian Rupee against the USD, and the recent rise in the three-month LME copper contract. Indian Rupee depreciated by 0.73pc to Rs75.09 on Thursday from Rs74.54 a week ago, pushing up import prices.
The three-month LME Copper contract gained by $28/mt to settle at $9,002.5/mt April 14 from $8,974.5/mt on April 7.
The weekly Davis Index for copper Armature wire settled at Rs640,333/mt del India consumer, up by Rs1,666/mt ($22.18/mt).
The weekly Index for copper Berry gained by Rs666/mt to Rs659,333/mt del India consumer.
The Davis Index for copper Heavy gained by Rs1,667/mt ($22.20/mt) and settled at Rs651,667/mt del India consumer from prior week.
The weekly Davis Index for copper Sheet cutting settled Rs636,667/mt del India consumer, up by Rs5,667/mt.
The weekly Davis Index for copper utensils settled at Rs624,000/mt, an increase of Rs8,667/mt del India consumer and the Index for copper turnings settled at Rs613,333/mt del India consumer, up by Rs8,333/mt.
($1=Rs75.08)