The weekly spreads for US domestic copper scrap grades were weaker this past week, as prices gave way amid weak demand and abundant supply.
The Comex spot market closed at $2.92/lb on Tuesday, down from $2.98/lb on August 18.
The spread for US bare bright copper scrap (barley) delivered US consumer, was wider at 12.4¢/lb, under the August Comex contract on Tuesday, while the weekly Davis Index for bare bright decreased by 6¢/lb to $2.799/lb delivered US consumer.
The spread for #1 copper (berry/candy) weakened by 2¢/lb to 19.1¢/lb under the August Comex contract, with the weekly index for the grade dropping by 6.2¢/lb to $2.28/lb.
The spread for #2 Light copper was worse by 0.9¢/lb at 35.3¢/lb under the August Comex contract. The index for #2 Light decreased by 5¢/lb to $2.57/lb.
The Comex market remains relatively healthy on better economic signals over the week, but the scrap market is not benefiting to the same degree. The higher Comex enticed more scrap into the marketplace, with very little interest from consumers, widening the spreads along the way.