The weekly Davis Index for copper armature wire settled at Rs671,667/mt ($9,048.06/mt) del India consumer, up Rs22,667/mt ($305.31/mt) in sync with the advancement in the global copper scrap prices.
Participants reported optimistic demand for copper armature wire despite the surge in the three-month copper contract on LME in three consecutive sessions by $592.5/mt.
The three-month LME copper contract rose by $207.5/mt to settle at $9,376/mt on Aug 25 from the prior week, thus breaking a downward trajectory. In the past two weeks, the three-month copper declined by $282/mt and $77/mt respectively to settle at $9,168.5/mt on Aug 18 and $9,450.5/mt Aug 11.
Offers for all copper scrap grades, including armature wire, sheet cutting, berry, heavy, turnings and utensils advanced between $31.42-305.31/mt in the Indian domestic market.
Participants reported sustained demand for copper scrap. Secondary manufacturers, however, made cautious purchases considering the changes in global prices to limit losses in case copper prices tumbled in the future, shared traders. Secondary manufacturers who generally buy 300mt in a week are currently purchasing around 117-120mt of scrap as some grades remained scarce in the market.
Despite a gain in the LME copper last week, domestic demand for copper scrap remained flat. Participants awaited clarity on market trends considering the decline in copper prices in the weeks before the prior week.
The weekly index for berry copper rose by Rs2,333/mt to settle at Rs691,333/mt del India consumer. The Davis Index for heavy copper was up by Rs3,833/mt and settled at Rs680,333/mt del India consumer from a week ago. The weekly Davis Index on Thursday for copper utensils settled at Rs651,333/mt del India consumer and gained by Rs9,333/mt.
The weekly Davis Index for copper sheet cutting settled at Rs676,667/mt del India consumer up by Rs3,167/mt. The weekly Davis Index for copper turnings settled at Rs635,000/mt del India consumer, up by Rs10,000/mt from last week.
($1= Rs74.23)