The Davis Index for brass scrap trended sideways as Comex copper continued its narrow range volatility, until dropping by 7¢/lb from last week’s close on Friday.
Market participants had expected spreads to widen sooner against the increase in the Comex market, but they remained rangebound until brass mills were able to secure material for the balance of August and into September.
The weekly Davis Index for 360-rod borings increased by 2.3¢/lb to $1.959/lb delivered US consumers and was flat for brass radiators at $1.67/lb delivered. The index for red brass (85:15) solids also held at $2.53/lb delivered on Friday.
The weekly Davis Index for the C-200 series alloy copper spread was broader by 2¢/lb at 9¢/lb under the Comex spot contract, while the C-200 series zinc spread was worse by 0.5¢/lb at 5¢/lb under the LME zinc cash contract.
The Comex spot copper contract declined by 7¢/lb to close at $2.79/lb on Friday from it close on July 31, while the spot LME zinc official contract increased by $94/mt on Friday to $2,393/mt from $2,299/mt on July 31.