India’s weekly imported copper scrap prices rose by 3-5pc on supply crunch in exporting countries. India’s buying activity also improved this week. A 2pc increase in the official three-month LME contract also drove prices up.
The Davis Index for Berry settled at $5,166/mt, cfr India port, Thursday, up by $174/mt from a week ago. The weekly index for Berry/Candy settled at $5,035/mt cfr India port, up by $169/mt and the index for Birch/Cliff settled at $4,616/mt cfr India port, up by $153/mt. Copper mills returned to the market after Indian government eased some lockdown restrictions. Mills are, however, faced with copper scrap shortage as generation and processing rate in supplier regions like the US and Europe remains hit for the past few weeks. The shortage comes at a time when demand for copper ingots from China is high. China too is struggling to meet this demand.
The weekly index for imported Elmo rose to $605/mt cfr India port and to $598/mt cfr Pakistan port, up by $27/mt and $38/mt respectively, supported by rise in LME copper along with a $10/mt increase in imported ferrous scrap prices.
The official three-month LME copper contract settled at $5,245/mt, Wednesday, up by $102.5/mt from a week ago.