The weekly Davis Index for domestic copper armature wire scrap rose by Rs2,000/mt ($23.31/mt) Rs416,500/mt del India consumer on Thursday, driven by continued demand from downstream manufacturers. Prices were also driven by a rise in imported copper scrap and an increase in the official three-month LME copper contract.
The LME copper contract settled at $5,718/mt on Wednesday, up by $78/mt from a week ago.
Few domestic buyers preferred domestic copper scrap over imported, as Indian currency depreciated against the US$ in the week. Indian rupee which stood at Rs71.99 against $1 on Feb 27, depreciated to Rs73.44 on Mar 3.
The weekly index for Berry settled at Rs422,000/mt del India consumer on Thursday, down by Rs1,375/mt from a week ago. The weekly index for domestic heavy dropped by Rs6,000/mt to Rs417,000/mt del India consumer. The weekly index for copper sheet cutting rose by Rs16,500/mt to Rs417,500/mt del India consumer on a supply crunch.
The index for copper turnings rose by Rs2,000/mt to settle at Rs389,500/mt and the index for copper utensils rose by Rs1,500/mt to settle at Rs399,500/mt.
($1=Rs73.22)