The weekly Davis Index for copper Armature wire Thursday rose by Rs200/mt ($2.62/mt) to settle at Rs401,200/mt del India consumer on steady demand from the electric plug and wire rod makers in North India.
Industries in Gujarat and parts of Maharashtra have resumed production and are operating at 30-40pc capacity. Traders and manufacturers located in containment zones of Mumbai and Gujarat are struggling with labour issues. Manufacturers said demand is slow but steady.
The weekly Davis Index for copper Berry inched up by Rs3,000/mt ($39.42/mt) to settle at Rs423,000/mt del India consumer on Thursday. Davis Index heard trades at Rs427,000-428,00/mt del India consumer.
The weekly index for copper heavy rose by Rs6,050/mt to settle at Rs419,800/mt del India consumer. The weekly index for copper sheet cutting rose by Rs7,250/mt to settle at Rs415,000/mt del India consumer Thursday.
Mumbai traders supplying scrap to parts of Maharashtra and Goa said that the production is picking up pace in the areas outside containment zone. Plants in Aurangabad, Kalwa near Thane and Nashik showed steady scrap purchase activity as compared to the last week.
The three-month copper contract on LME Wednesday dropped by $59/mt at $5,763/mt from June 10, a week ago.
The weekly Davis Index for copper turnings dropped by Rs9,000/mt to settle at Rs380,000/mt and the Davis Index for copper utensils dropped by Rs9,000/mt to Rs380,000/mt del India consumer on Thursday on weak demand in the market.
($1= Rs76.10)