Local market too takes the cue

In line with global heat over the Escondida strike, the price of copper wire bar in the domestic market has risen by a marginal Rs 7 to Rs 423 a kg in the last five days.

Copper scrap too moved in a very thin range, with no changes in most varieties and an increase of just Re 1 in copper light scrap that closed today at Rs 361 a kg. Copper cable scrap, heavy scrap, utensil scrap and sheet cutting rebounded at Rs 390, Rs 380, Rs 330 and Rs 355 a kg, respectively.

"Domestic copper prices always move in tandem with international prices. This time, too, the upsurge in international prices has impacted virgin copper "� but not scrap. This indicates that the demand for copper scrap for re-melting continues to shoot up unabated in the domestic market," said Surendra Mardia, senior vice-president, Bombay Metal Exchange (BME).