US weekly export copper scrap spreads varied on Wednesday depending on the grade and its demand amid sluggish trade.
The next active Comex copper regained from its losses last week and climbed by 16¢/lb to $4.28/lb today from Aug 18. Still, Comex copper remains volatile and has restricted spot trades in the market.
Bare bright’s (Barley’s) Davis Index weekly spread narrowed by 0.7¢/lb to 16.6¢/lb under the next active Comex copper contract with some deals heard at around 14.5¢/lb for this grade. The index for #1 copper wire & tube (Berry Candy), however, widened by 0.3¢/lb to 27.1¢/lb under the next active Comex.
Transaction prices for copper scrap grades increased on Wednesday with Bare bright (barley) climbing by 15¢/lb to $4.101/lb fas US port and #1 copper wire & tube moving up by 14¢/lb to $3.996/lb fas.
The Davis Index weekly spread for export Birch Cliff tightened by 0.5¢/lb to 53.5¢/lb under the next active Comex copper contract. The grade’s outright price increased by 15¢/lb to $3.73/lb fas US port.
Trade remained subdued though inquiries from Europe increased this week as mills in that region returned from the summer break. Demand is expected to pick up the pace next week as more buyers return to the market. For now, #1 copper chops to China continued to be offered at around22-23¢/lb under the next active Comex copper contract.