- Mill Berry commanding premium on strong demand
- BHP plans expanded investment in Australia
Imported copper scrap prices in India registered a modest w-o-w decline, following a slight decrease of 1.5% in LME copper futures to $9,692/tonne w-o-w.
According to BigMint’s assessment, copper Birch cliff scrap was assessed at $8,930/t, down by 2.82% w-o-w, while US motors mix stood at $1,165/t (both CFR Mundra), largely stable w-o-w.
LME futures decreased by $149/t to $9,692/t compared with last week’s $9,841/t. Meanwhile, copper stocks at LME-registered warehouses stood at 155,150t, slightly up by 150 t compared to 155,000t the previous week.
Market updates
India’s copper scrap market remained largely stable w-o-w. As per market participants, Bare Bright and #1 Copper are trading at around INR 680-720/kg, mirroring MCX trends of INR 869-892/kg.
Demand from infrastructure, power, and manufacturing sectors continues to support prices, driven by ongoing projects and electrification initiatives. Supply tightness and minor logistical delays have kept bids firm, maintaining a positive market sentiment.
Price Levels (CIF China)
- Mill Berry (US/EU origin): 99.75% LME
- Candy Berry (EU origin): 97.5% LME
- Birch/Cliff (EU origin): 92.5% LME
In India, Mill Berry is commanding a premium, driven by robust domestic demand and limited supply.
However, near-term buying has slowed as participants adopt a cautious, wait-and-watch approach, reflecting both domestic market dynamics and global price movements. In the imported scrap segment, volumes stayed steady, with buyers remaining selective amid moderate fluctuations in global copper prices and ongoing currency volatility.
Overall, while fundamentals remain supportive, the domestic market shows signs of cooling, and participants are carefully monitoring developments.
Other market updates
BHP to boost Australian copper investment
BHP plans to expand investment in copper mining and smelting in Australia, while anticipating lower output from its overseas operations in Chile and Brazil through 2030. At its Pampa Norte complex in Chile, production is expected to average 235,000 t/year in the medium term, down from 268,000t in FY 2024-25 and near the lower end of its 230,000-250,000 t guidance for FY 2025-26, the company reported on 19 August. This compares with a 250,000 t medium-term target outlined in its 2023-24 report.
Outlook
With the festive season approaching, both domestic and imported copper scrap markets in India are expected to see sustained demand and possible price support. The seasonal boost in electrical and construction activities is likely to keep the market active and supply tight, supporting prices in the coming weeks.
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