India: Copper prices rise d-o-d to follow rally in LME futures

Indian copper prices increased by up to INR 12,000/t d-o-d today to hit a 7-month high level. Current prices-

• Armature scrap: INR 6,87,000/t.
• Secondary rods (8mm): INR 740,000/t
• Primary rods (8 mm): INR 800,000/t
• Prices are exw-Delhi.

A sharp rise in LME futures supported local prices. Meanwhile, there are few sellers who have held back offers on expectations of more price hikes.