The weekly Davis Index for copper armature wire settled at Rs675,000/mt, dropped by Rs10,500/mt($141.65/mt) del India consumer from the prior week. The three-month LME copper contract declined by $191.5/mt to settle at $9,527.5/mt on Aug 4 from Jul 28.
Two weeks ago, the three-month LME copper contract advanced by $416/mt to settle at $9,719/mt on Jul 28 from Jul 21.
Offers for all copper scrap grades, including armature wire, sheet cutting, berry, heavy, lowered between $116.91- 179.24/mt in the Indian domestic market. The offers for turnings and utensils dropped by $8.99- 33.73/mt driven by the weakness in the three-month LME contract in a week.
Scrap availability has improved from the last few weeks, however, secondary manufacturers are adopting a wait and watch approach as they expect the copper scrap prices to further fall in sync with the LME copper. In the North and South, buyers are upbeat, and traders are getting more inquiries from the prior month.
The weekly Davis Index for copper armature wire settled at Rs675,000/mt, fell by Rs10,500/mt($141.65/mt) del India consumer from the prior week.
The weekly Davis Index for copper sheet cutting settled at Rs677,333/mt del India consumer dropped by Rs8,667/mt ($116.89/mt). The weekly Davis Index for copper turnings settled at Rs642,000/mt del India consumer, down by Rs2,500/mt from last week.
The weekly Davis Index for copper utensils settled at Rs658,333/mt del India consumer and fell by Rs667/mt from the prior week.
The weekly index for berry copper lowered by Rs11,833/mt to settle at Rs697,667/mt del India consumer from the prior week.
The Davis Index for heavy copper fell by Rs13,333/mt and settled at Rs686,667/mt del India consumer from the prior week.
($1= Rs74.12)