Indian Copper Market Remains Firm Amid Marginal Price Correction
The Indian copper market remained firm despite a marginal price correction last week, according to BigMint. The LME copper price slipped 1% from the previous week, limiting domestic price declines.
Copper cathode and scrap prices in India declined by 1.1% on average from INR 1,348,000/t to INR 1,333,000/t for ex-Mumbai prices, and from INR 1,350,000/t to INR 1,335,000/t for Ahmedabad prices.
The domestic correction mirrored the decline in LME copper prices. However, tightening global inventories and weaker-than-expected Chilean mine production supported the broader market.
Market demand remained largely requirement-based, with some fresh enquiries encouraged by the price correction, but buyers generally refrained from rebuilding inventories due to seasonal demand weakness during the monsoon season.