India’s imported copper scrap prices rose by 2pc in line with an increase in the LME copper futures contract. Demand, however, remained subdued as mills preferred to book domestic scrap.
The weekly Davis Index for #1 copper wire (Berry) settled at $5,932/mt cfr India port, Thursday, up by $138/mt. Although prices increased by $107/mt, the index for domestic #1 copper was at Rs438,500/mt ($5,861/mt), lower than import prices. Availability of imported scrap increased from previous weeks. The weekly index for #1 wire and tube (Berry/Candy) settled at $5,782/mt cfr India port and the index for #2 copper settled at $5,300/mt, up by $136/mt and $124/mt, respectively.
India’s imported copper-bearing motor (Elmo) prices remained unchanged at $625/mt cfr India port amid the slow recovery of domestic demand. Prices of imported Elmo cfr Pakistan, however, rose by $45/mt to settle at $688/mt, on an increase in LME copper price along with a $5-10/mt rise in imported ferrous scrap prices. Pakistani buyers, however, found the increase in prices unviable as China’s copper ingot buying prices lowered to 95-96pc from 96-97pc due to a rise in LME copper. The border tensions between India and China also held back Indian copper ingot manufacturers from accepting new bookings.
The official three-month LME copper contract settled at $6,023/mt, Wednesday, up by $141/mt from a week ago, hitting a five-month high and recovering to late-Jan prices.