Weekly spreads for US domestic copper scrap grades were tighter over the week, as the Comex market remains close to its peak for the year. The Comex spot market closed at $3.538/lb on Tuesday, up from $3.47/lb a week ago, on Dec 1. The Comex market reached its highest since March 2013.
The spread for US bare bright copper scrap (barley) delivered US consumer was tighter by 4.5¢/lb at 13.5¢/lb, under the December Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by $3.403/lb delivered US consumer.
The spread for #1 copper (berry/candy) was tighter at 25.6¢/lb, better by 3.1¢/lb under the December Comex contract, with the weekly index for the grade was better at $3.28/lb.
The spread for #2 Light copper was tighter from last week at 42.5¢/lb, under the November Comex contract, better by 1.5¢/lb. The index for #2 Light landed at 3.07/lb, better by 5¢/lb.
Market participants have picked up buying for January to stay ahead of potential supply shortages, with China working on stepping back into the market. The spread ranges remained wide, but those buying have skewed to the indexes’ tighter side with increased January delivery activity.