The domestic prices for copper scrap grades like Armature wire, Berry, Heavy and sheet cutting gained, while for copper utensils, it dropped in the domestic market. Domestic buyers had reduced purchases ahead of the fiscal year-end. Slow trades were reported in most parts of India as traders stayed away from the market. Demad is expected to grow as the new fiscal year begins on April 1.
The three-month LME copper contract dropped by $165.5/mt to $8,845.5/mt on March 31. In the preceding week, the LME copper contract dropped by $13.5/mt from $9,024.5/mt on March 17.
The weekly Davis Index for copper Armature wire settled at Rs603,333/mt, up by Rs666/mt ($9.07/mt) del India consumer while the index for copper Berry gained by Rs3,333/mt to Rs629,000/mt del India consumer.
The Davis Index for copper Heavy gained by Rs2,000/mt ($27.23/mt) and settled at Rs618,667/mt del India consumer.
The weekly Davis Index for copper Sheet cutting settled Rs596,667/mt del India consumer, up by Rs2,334/mt.
The weekly Davis Index for copper utensils settled at Rs567,333/mt del India consumer, down by Rs14,667/mt; and the index for copper Turnings settled at Rs574,333/mt del India consumer, up by Rs2,333/mt.