The weekly Davis Index for copper armature wire rose to Rs452,667/mt up by Rs7,334/mt($99.26/mt) as Western Indian market. Market participants reported sustained demand for the copper scrap despite the LME three-month copper contract dropping to $6,707/mt Wednesday, down by $50/mt from $6,757/mt a week prior. The medium voltage power appliance manufacturers reported sustained demand for scrap material.
The weekly Index for copper berry rose to Rs477,000/mt del India consumer, up by Rs3,000/mt driven by the demand for domestic scrap.
The weekly Davis Index for Heavy settled at Rs468,333/mt delivered India consumer, up by Rs11,000/mt.
The weekly Davis Index for copper sheet cutting rose by Rs9,333/mt del India consumer to Rs465,000/mt. Mumbai traders supplying scrap to surrounding areas and those in Madhya Pradesh reported sustained demand, while those in Southern and Northern India reported a drop in demand.
The weekly Davis Index for copper utensils settled at Rs427,000/mt de India cosumer, down by Rs3,00/mt. The weekly Davis Index for copper turnings settled at Rs422,000/mt del India consumer, down by Rs3,000/mt.
($1= Rs 73.88)