The weekly spreads for US domestic copper scrap grades widened as pricing moved higher against a Comex market that closed at its peak for the year.

 

The Comex spot market closed at $3.14/lb on Tuesday, up from $3.04/lb on Oct 13.

 

The spread for US bare bright copper scrap (barley) delivered US consumer weakened by 0.8¢/lb to 16¢/lb, under the October Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by 6.9¢/lb to $2.96/lb delivered US consumer.

 

The spread for #1 copper (berry/candy) was worse at 27.70¢/lb, wider by a penny under the October Comex contract, with the weekly index for the grade climbing by 4¢/lb to $2.81/lb.

 

The spread for #2 Light copper was worse by 1.3¢/lb at 45.5/lb, under the October Comex contract while the index for the grade increased by 5.5¢/lb to $2.656/lb.

 

Supply and demand for copper scrap have been balanced over the past couple of weeks in a subdued environment. However, the jump of 6¢/lb in the Comex market on Oct 20 is most likely to widen the spreads further this week.

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