Domestic copper prices have shown a rising trend this week which have touched up to INR 8,200/t from raw material to finished product, as per SteelMint’s assessment.
SteelMint’s assessment for copper armature scrap prices stood at INR 752,000/t ($9,861/t) today, rising INR 5,200/t ($68/t) followed by primary copper wire rod prices which were at INR 858,000/t ($11,251/t), up by INR 8,200/t ($108/t). Secondary copper wire rod prices were at INR 805,000/t ($10,556/t), up by INR 7,000/t ($92/t) weekly, SteelMint assessment shows.
Overall, LME exchange prices, including cash settlement and three-month trading prices, drifted sideways owing to uneven stock levels during last week’s trading session. LME’s cash settlement price was recorded at $10,277/t, a fall of $15/t w-o-w. However, LME’s 3-month copper prices were at $10,315/t on the last trading day, almost stable w-o-w.
LME-registered warehouses recorded stocks of 93,975 t at the beginning of April, 2022. Significantly, weekly stocks increased by around 9.28%. The volatility in stocks led to an inventory of 110,675 t towards the end of last week’s trading day. A few market sources shared that copper demand is weakening in China as monthly import volumes were slightly down by around 9% in March, 2022.
Major cities have been under lockdown for the last few weeks followed by slow demand by automobiles and construction segments along with stock levels at LME registered warehouses showing a minor contraction in monthly imports.
However, China’s copper import volume for March 2022 is yet to be confirmed till he time of publishing article.
Meanwhile, Indian domestic copper prices may see minor fluctuations in the near term, said a few traders based in the northern region.
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