US domestic copper scrap spreads were unchanged on Tuesday as the next active Comex struggled to rebound and demand remained weak amid concerns over the extent of damage to trade from Covid-19.

 

The Davis Index spread for US Bare Bright copper scrap (Barley) delivered US consumer was unchanged at $0.14/lb under the next-active month Comex contract while the spot pricing for bare bright decreased to $2.43/lb on Tuesday, down from $2.45 on Feb 18. The next-active month Comex also moved down to $2.58/lb from $2.60/lb last week.

 

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. However, the index for spot pricing for both decreased by 2¢/lb on Tuesday to $2.36/lb for #1 copper and $2.16/lb for #2 copper delivered US consumer.

 

The Davis Index for cathode grade A premium has been hovering around 7.5¢/lb since the beginning of the year but production restarts in China should firm up the number. Still, with so much uncertainty revolving around both the material supply chain and human capital in China, the premium is likely to shrink before increasing as many producers had hoped.

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