US weekly export copper scrap spreads widened slightly for most grades on Wednesday due to soft demand and rising Comex copper prices.
The Davis Index weekly spread for export #2 copper (birch/cliff) widened by 0.3¢/lb to 56.8¢/lb under the next active Comex copper contract while bare bright’s (barley) spread widened by 0.4¢/lb to 17.7¢/lb under Comex.
The Comex copper market began climbing again this week as the dollar softened with the next active Comex contract inching up by 0.6¢/lb from last week to close at $4.06/lb on Wednesday.
Transaction prices for all grades increased this week with #2 copper rising by 5¢/lb to $3.49/lb fas and bare bright (barley) climbing by 6¢/lb to $3.88/lb fas US port.
The Davis Index spread for #1 copper wire and tube (berry/candy) widened 0.3¢/lb to 25.5¢/lb under the next active Comex, with Wednesday’s transaction price increasing by 5¢/lb to $3.80/lb fas US port for the grade.
Demand in the copper scrap exports market remains soft amid container shortages and congestion at the ports. However, Asian buyers are expected to return soon to the market as domestic supply in some Asian countries like India tightens, which is prompting buyers to look abroad to fill their volumes.