The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs450,000/mt del Delhi consumer, up by Rs3,000/mt ($40.32/mt) while in Jamnagar, the index settled at Rs456,667/mt del Jamnagar consumer, up by Rs1,667/mt ($22.40/mt) amid a rise in asking prices despite a drop in the three-month LME copper.
Honey import prices surged driven by firm bids from other South Asian buyers despite weakness in the LME copper from the prior week.
Market participants in Delhi also reported improved demand. Traders were unwilling to lower offers as demand picked up.
Chinese bids for brass billets were unchanged. Manufacturers offered brass billets at 60pc of the three-month LME copper, with bids at 59.35pc cfr China port. Asking prices for imported brass scrap from the US climbed up to 63pc from 62pc of LME copper three-month contract last week.
Domestic units faced a lack of liquidity and slow demand and claimed that Chinses bids are below expectations considering the rise in import prices of brass.
The three-month LME copper dropped by $173.5/mt to $9,435/mt on Aug 10 from $9,608.5/mt on Aug 3. Last week, the three-month LME copper contract dropped by $120/mt to settle at $9,608.5/mt on Aug 3.
The weekly Davis Index for Honey domestic origin (Purja) settled flat at Rs430,000/mt del Delhi consumer. The weekly index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs431,667/mt del Jamnagar consumer, down by Rs7,500/mt ($100.83/mt) driven by the slowness of demand in the domestic market.