Spreads for US copper scrap exports were unchanged from last week on muted demand from consumers. Transactional prices were flat, with the next-active Comex contract closing at $2.608/lb on Wednesday, up marginally from $2.601/lb a week ago.
The Davis Index spreads for #1 copper wire and tube (Berry/Candy) fas US port remained unchanged at 22¢/lb, while spreads for #2 copper (Birch/Cliff) fas US port held at 39¢/lb under Comex. Bare Bright (Barley) spreads were also unchanged at 12¢/lb under Comex fas US ports.
The spot prices for #1 and #2 copper fas US port scrap grades moved in a narrow range on Wednesday with the weekly Davis Index for #1 copper fas US port at $2.381/lb from $2.379/lb the previous week and for #2 copper fas US port at $2.216/lb from $2.210/lb. The Davis Index for Bare Bright (Barley) fas US port increased slightly from $2.47/lb to $2.48/lb.
Copper scrap supply is still outpacing demand for the time being. Market participants believe supply could become tighter in March if the Comex market does not rebound to levels that are closer to $2.80/lb, with smaller players holding on to copper scrap until it becomes profitable for them to sell again.