The prices for copper scrap grades rose in the domestic market. Trades were thin on the back of the rising scrap prices across India. Downstream manufacturers reported drop in margins as scrap material continued its rally in sync with LME.
The three-month LME Copper contract dropped by $47/mt to settle at $8,017.5/mt on Jan 20 from $7,970.5/mt on Jan 13.
The weekly Davis Index for copper Armature wire settled at Rs538,000/mt del India consumer, up by Rs3,667/mt ($50.25/mt) while the index for copper Berry rose by Rs500/mt to Rs573,500/mt del India consumer.
The weekly Davis Index for copper Heavy increased by Rs10,500/mt to settled at Rs556,500/mt del India consumer. The weekly index for copper sheet cutting rose by Rs25,500/mt to settle at Rs542,000/mt del India consumer.
The weekly indexes for copper utensils settled at Rs510,000/mt del India consumer, up by Rs10,000/mt and for copper turnings settled at Rs500,000/mt del India consumer, up by Rs10,000/mt.