The weekly Davis Index for copper Armature wire Thursday spiked by Rs23,969/mt ($318.63/mt) to settle at Rs437,200/mt del India consumer mirroring an similiar rise in three-month LME copper contract. Davis Index heard offers for armature wire at Rs440,000/mt del consumer in Central India, however, no deal were confirmed. Copper scrap grades jumped by Rs1,500- Rs40,000/mt ($19.94 -531.77/mt) this week.
Traders supplying scrap to switchgear manufacturing plants reported no trades. Manufacturers shied away from booking new scrap orders at high prices. Domestic scrap prices will continue to soar and trades are likely to remain subdued, said traders. In South, scrap demand diminished as several manufacturing units remained closed due to rise in the number of COVID-19 infections
The weekly Davis Index for copper Berry increased by Rs28,385 ($377.34/mt) to settle at Rs 465,000/mt del India consumer on Thursday.
The weekly index for copper heavy rose by Rs25,750/mt to settle at Rs459,000/mt del India consumer. The weekly index for copper sheet cutting jumped by Rs40,000/mt to settle at Rs455,000/mt del India consumer Thursday.
The three-month copper contract on LME Wednesday rose by $312.5/mt to settle at $6,510/mt on July 15 from $6,197.5/mt on July 8, a week ago.
The weekly Davis Index for copper turnings rose by Rs8,000/mt to settle at Rs415,000/mt and the Davis Index for copper utensils rose by Rs 1,500/mt to Rs400,000/mt del India consumer.