US export copper scrap spreads were unchanged on Wednesday on scarce supply though transactional prices inched up after the Comex showed some signs of strength.
The next active Comex contract closed on Wednesday at $2.47/lb, up by 12¢/lb from $2.35/lb on May 13.
The weekly Davis Index for #1 copper wire and tube increased by 11.6¢/lb to $2.30/lb fas US port, while the index for #2 copper inched up by 12¢/lb to $2.17/lb fas on Wednesday. The index for bare bright (Barley) increased by 12¢/lb to $2.38/lb fas US port.
The Davis Index spread for #1 copper wire and tube (berry/candy) was flat 16.2¢/lb fas US ports under the next active Comex contract, while the spread for #2 copper (birch/cliff) held at 29.4¢/lb fas US port, under the next active month on Comex. The spread for bare bright (barley) remained unchanged at 8.3¢/lb fas under the next active Comex contract.
Supply and demand are in balance according to market participants, and with the Comex moving higher on global economic restarts, the spreads could remain at these levels until a significant shift in supply or demand occurs.