US weekly export copper scrap spreads were rangebound on Wednesday following Comex copper prices, which have moved up by a penny since last week amid subdued spot trades.
The next active Comex copper contract increased by 1¢/lb to $4.28/lb today from Jul 14.
Bare bright’s (Barley’s) Davis Index weekly spread was flat at 18.5¢/lb under the next active Comex copper contract for the second successive week and #1 copper wire & tube (Berry Candy) widened by 0.9¢/lb to 26.5¢/lb under the next active Comex.
#1 copper chops were the most in-demand grade this week with volumes sold to China and other Asian destinations despite the spread for this grade widening by around 2¢/lb this week. Suppliers attributed the trend to bids from China at weaker spreads, despite higher sales. Demand for other grades, however, remains muted amid low trades and the anticipation of supply delays to China and Europe because of the floods in those regions.
Transaction prices for copper scrap grades climbed on Wednesday with bare bright (barley) increasing by 1.3¢/lb to $4.096/lb fas US port and #1 copper wire & tube also inched up by 0.4¢/lb to $4.015/lb fas.
The Davis Index weekly spread for export #2 copper (Birch Cliff) widened by 5.5¢/lb to 60¢/lb under the next active Comex copper contract after very few trades were reported for the material. The grade’s outright price increased by 4.2¢/lb to $3.68/lb fas US port.