India’s weekly imported copper scrap prices rose by 2pc in line with an increase in the official three-month LME copper contract. Demand, however, remained subdued.
The weekly Davis index for #1 copper wire (Berry) settled at $5,794/mt cfr India port, up by $118/mt. The index for #1 wire and tube (Berry/Candy) settled at $5,646/mt cfr India port, up by $114/mt and the index for #2 copper settled at $5,176/mt cfr India, up by $105/mt from a week ago.
The weekly index for imported copper-bearing motors (Elmo) settled at $625/mt cfr India port, unchanged while the index for Elmo cfr Pakistan port rose by $15/mt to settle at $643/mt. Demand in India remained low as the market was flooded before the outbreak of COVID-19.
The weekly index for copper ingots rose by $101/mt cfr China port, however, the price dropped by 1pc to 96.5pc of LME copper as demand from China subsided due to oversupply of copper raw materials.
The official three-month LME copper contract settled at $5,882/mt, Wednesday, up by $119/mt from a week ago.