Premiums for Japanese-origin Grade A copper cathodes delivered to CIF Nhava Sheva remained unchanged at $325/mt over the LME Copper Spot Cash Settlement Price (CSP) between October 28 and November 4, indicating stability in the import premium despite fluctuations in international copper prices.
Based on the November 3 LME Copper Cash Settlement Price of $14,110.50/mt, the indicative CIF Nhava Sheva price, including the $325/mt premium, worked out to $14,435.50/mt.
A comparison with domestic benchmarks showed that the Japanese-origin import price was broadly aligned with MCX copper futures. The MCX November 30 copper futures contract was trading at ₹1,371.30/kg on November 4, equivalent to ₹1,371,300/mt or approximately $14,377/mt, using the SBI TT average exchange rate of ₹95.38 per US dollar. The import indication was therefore around $58/mt, or 0.4%, higher than the MCX futures price.
In comparison, the domestic copper billet benchmark published by Bombay Metal Exchange Ltd (BME) stood at ₹1,446,553.75/mt, equivalent to approximately $15,166/mt. BME, a Mumbai-based industry body representing the non-ferrous metals trade, issued Price Circular No. 021/2026 on October 31, announcing the interim benchmark effective November 1. The calculation was based on the October 16–31 average LME Cash Settlement Price, a Grade A cathode premium of $60/mt, transaction charges of $10/mt, a multiplying factor of 1.0375 and clearing, forwarding, handling and carrying costs of ₹4,650/mt.
The BME circular-based benchmark was approximately $731/mt, or 5.1%, higher than the Japanese-origin import indication and around $789/mt, or 5.5%, above the MCX November futures price.
However, domestic copper producers said actual selling prices vary on a case-by-case basis, depending on prevailing demand, the nature and duration of long-term supply contracts and purchase volumes. Producers may offer discounts to domestic buyers depending on these commercial arrangements, meaning actual transaction prices can be lower than the published benchmark.
The comparison is indicative rather than strictly like-for-like. MCX represents an exchange-traded copper futures benchmark, BME's circular provides a copper billet pricing guideline, while the Japanese-origin assessment represents imported copper cathodes delivered to Nhava Sheva. The benchmarks also differ in their pricing periods and cost components.
