US weekly export copper scrap spreads tightened slightly for most grades in a rangebound Comex copper market.
The Davis Index weekly spread for export #2 copper (birch/cliff) narrowed by 0.3¢/lb to 58.7¢/lb under the next active Comex copper contract while bare bright’s (barley) spread tightened by 0.7¢/lb to 17.5¢/lb under Comex.
The Comex copper market has trended flat over the past week with the next active Comex contract remaining unchanged at $4.07/lb on Wednesday from its close on Mar 17, when it declined by 7¢/lb from its previous day’s close of $4.14/lb.
Transaction prices for all grades declined this week with #2 copper falling by 5¢/lb to $3.48/lb fas and bare bright (barley) dropping by 4.5¢/lb to $3.895/lb fas US port.
The Davis Index spread for #1 copper wire and tube (berry/candy) tightened 1.7¢/lb to 25.3¢/lb under the next active Comex, with Wednesday’s transaction price declining by 3¢/lb to $3.82/lb fas US port for the grade.
Demand in the copper export market remains weak with importers in Asia pausing trades because of the financial year-end, lower consumption, and national holidays in some regions. High freight costs and a shortage of containers continue to impact the export market.