India’s weekly imported copper scrap prices rose by 3pc in line with the increase in the official LME copper futures contract. This rise in price, coupled with a lack of demand and liquidity resulted in low-volume bookings.


The Davis index for #1 copper wire (Berry) settled at $6,104/mt cfr India port, Thursday, up by $172/mt from a week ago. The index for #1 wire and tube (Berry Candy) settled at $5,949/mt cfr India port, up by $167/mt and the index for #2 copper (Birch/Cliff) settled at $5,453/mt cfr India port, up by $153/mt. Indian mills continued to buy domestic scrap which proved to be more affordable over imported copper wire scrap.


Pakistani imported copper-bearing electric motor (Elmo) buyers also faced a similar situation where offers for mixed motors ranged from $700-750/mt cfr.  Bids, however, were lower and the index settled at $715/mt cfr Pakistan port, up by $27/mt from a week ago in line with LME copper. Pakistani Elmo buyers also preferred to purchase from the local market.


The official three-month LME copper contract settled at $6,197.5/mt, Wednesday, up by $174/mt from a week ago.

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