US export copper scrap spreads widened for most grades over the past week while pricing fell by 5-8¢/lb depending on grade.
The next active Comex contract closed on Wednesday at $2.961/lb, down by 6.2¢/lb from $3.023/lb on August 19.
The weekly Davis Index for #1 copper wire and tube and #2 copper declined by 6¢/lb to $2.76/lb fas US port and $2.60/lb fas, respectively, on Wednesday. The index for bare bright (barley) decreased by the same amount to $2.84/lb fas US port.
The Davis Index spread for #1 copper wire, and tube (berry/candy) widened by 0.2¢/lb to 20.5¢/lb fas US ports under the next active Comex contract while the spread for #2 copper (birch/cliff) was flat at 36¢/lb fas, under the same contract. The spread for bare bright (barley) was worse by 0.3¢/lb at 12.5¢/lb fas under the next active Comex contract.
The Comex market peeled back significantly, dropping 10¢/lb after reaching its peak, but news of the Chinese stimulus package and a weak US dollar has prevented the market from bottoming out in the near-term.