The index for domestic copper Berry scrap settled at Rs386,000/mt, down by Rs30,500/mt ($402.90/mt) del India consumer from the prior week.
Traders halted deals of copper scrap after the official three-month LME copper contract touched $4,426.5/mt on Thursday morning, down by $454.5/mt from $4,881/mt on Wednesday. The fall in LME copper pressured copper scrap prices.
The weekly Davis Index for copper armature wire settled at Rs394,000/mt del India consumer, down by Rs16,000/mt ($213.11/mt) from the prior week.
The index for copper heavy settled at Rs383,000/mt, down by Rs29,000/mt del India consumer from the prior week. The weekly index for copper sheet cutting settled at Rs377,500/mt down by Rs24,250/mt from the prior week. The index for copper turnings and utensils settled at Rs360,000/mt down by Rs24,400/mt from the prior week.
Scrap traders and downstream manufacturers shied away from booking scrap as the official three-month LME copper contract started to drop from $5,548/mt on March 13. Copper downstream manufacturers in Central India waited for prices to fall further before booking scrap.
Traders importing copper scrap are reluctant to place new orders as Indian rupee depreciated to Rs75.07 against US$1 on Thursday, from Rs74.2 on March 12.
($1= Rs75.07)