The weekly Davis Index for copper Armature wire, Thursday, dropped by Rs2,269/mt ($30.24/mt) to settle at Rs413,231/mt del India consumer, driven by weak demand from downstream manufacturers in some parts of India despite the spike in the three-month LME copper contract. Trades for armature wire were heard at Rs417,000/mt del consumer in Central India, however, the traders in Delhi and Southern India did not confirm trades at this price.
Traders supplying scrap to switchgear manufacturing plants in North India believe prices are likely to go up in the next two weeks.
The weekly Davis Index for copper Berry decreased by Rs1,885/mt ($25.12/mt) to settle at Rs436,615mt del India consumer on Thursday. Davis Index heard deals at Rs440,000-442,000/mt in Central India, Delhi traders did not confirm trades at this rate in their region.
The weekly index for copper heavy rose by Rs2,250/mt to settle at Rs433,250/mt del India consumer. The weekly index for copper sheet cutting dropped by Rs8,667/mt to settle at Rs415,667/mt del India consumer Thursday. Davis Index heard trades at Rs425,000/mt, however, no traders in Delhi or Southern India confirmed trades at this level.
The three-month copper contract on LME Wednesday rose by $174/mt to settle at $6,197.5/mt on July 8 from $6,023.5/mt on July 1, a week ago.
The weekly Davis Index for copper turnings rose by Rs2,000/mt to settle at Rs407,000/mt and the Davis Index for copper utensils dropped by Rs2,500/mt to Rs398,500/mt del India consumer. Trades were hit by a wide gap between offers and bids.