Offers for all copper scrap grades, including armature wire, sheet cutting, berry, heavy, turnings, and utensils rose in the range of $296.23- 368.04/mt in the Indian domestic market driven by the rise in the three-month LME contract in a week.
Scrap availability is tight on sustained demand from secondary manufacturers. In the North and South, buyers were upbeat despite a gain in scrap prices in sync with the jump in LME copper.
The three-month LME contract rose by $416/mt to settle at $9,719/mt on July 28 from July 21. In the preceding week ending July 21, the three-month LME copper dropped by $58.5/mt to settle at $9,303/mt.
The weekly Davis Index for copper armature wire settled at Rs685,500/mt, up by Rs22,833/mt($307.47/mt) del India consumer from the prior week.
The weekly Davis Index for copper sheet cutting settled at Rs686,000/mt del India consumer up by Rs27,333/mt ($368.07/mt). The weekly Davis Index for copper turnings settled at Rs644,500/mt del India consumer, up by Rs16,833/mt from the prior week.
The weekly Davis Index for copper utensils settled at Rs659,000/mt del India consumer and fell by Rs13,333/mt from the prior week.
The weekly index for berry copper advanced by Rs24,833/mt to settle at Rs709,500/mt del India consumer from the prior week.
The Davis Index for heavy copper fell by Rs22,000/mt and settled at Rs70,000/mt del India consumer from the prior week.