Weekly spreads for US domestic copper scrap grades were under pressure over the past week, amid a decline in Comex copper prices and supply outpacing demand.
The Comex spot market closed at $3.54/lb on Tuesday, down by 10¢/lb from its close on Jan 26.
The Davis Index spread for US bare bright copper scrap (barley) weakened by 2.1¢/lb to 16.1¢/lb under the February Comex contract on Tuesday, sending the transaction price for bare bright down by 12.1¢/lb to $3.379/lb delivered US consumer.
The spread for #1 copper wire & tube was at 22.7¢/lb under the February Comex contract, widening by 0.2¢/lb, with the weekly transaction price for the grade dropping by 10¢/lb to $3.31/lb delivered.
The spread for #2 Light copper narrowed by 2.4¢/lb to 46.6¢/lb under the February Comex contract while the transaction price fell by 7.7¢/lb to $3.098/lb delivered US consumer.
Spreads on most grades are under pressure as consumers have secured their volumes and are pushing their buying to March or April.