US copper scrap spreads were flat on Tuesday on moderate demand and uncertain market conditions.

 

The weekly Davis Index spread for US bare bright copper scrap (Barley) delivered US consumer was flat at $0.14/lb under the next-active month Comex contract. Spot pricing for bare bright increased to $2.45/lb on Tuesday, up from last week’s $2.43 as the next-active month Comex market moved up from $2.58/lb, a week ago, to $2.606/lb.

 

The spreads for #1 copper (Berry/Candy) and #2 copper (Birch/Cliff) were unchanged at $0.24/lb and $0.43/lb, respectively, under Comex. Spot prices for both grades increased by 2¢/lb to $2.36/lb for #1 and $2.17/lb for #2 delivered US consumer.

 

Spreads have held at current levels due to China being out of the market and because supply and demand levels are in balance.

 

The cathode grade A premium has been at 7.5¢/lb since the beginning of the year and is expected to remain there until China steps back into the market, as the country consume roughly half of the world’s copper.

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