US weekly export copper scrap spreads widened slightly across most grades as exports remained muted due to extreme weather conditions and the strong Comex copper market.
The Davis Index weekly spread for export #2 copper (birch/cliff) widened by 4.2¢/lb to 52.2¢/lb under the next active Comex copper contract. And the spread for bare bright (barley) tightened by 0.1¢/lb to 10.5¢/lb under Comex.
The next active Comex contract settled at $3.83/lb on Wednesday, 4¢/lb above its close of $3.79/lb on Feb 10.
Transaction prices for all grades increased due to the higher Comex market, despite widening spreads. #2 copper rose by 0.5¢/lb to $3.36/lb fas on Wednesday. Bare bright (barley) increased by 4.6¢/lb to $3.73/lb fas US port.
The Davis Index spread for #1 copper wire and tube (berry/candy) held unchanged at 23.5¢/lb under next active Comex, with Wednesday’s transaction price rising by 4¢/lb to $3.60/lb fas US port.
Trading has stalled in the US export market this week. Exporters are unable to get the volumes they desire because the bad weather conditions have shut down ports as well as road and rail transport. Importers, on the other hand, are concerned about the stronger Comex and LME prices and are waiting for them to stabilize before they resume buying.