US weekly export copper scrap spreads widened slightly on Wednesday amid sluggish trading due to the long Memorial Day weekend, a rise in Comex copper, and weak demand.
The Davis Index weekly spread for export #2 copper (Birch/Cliff) widened by 0.7¢/lb to 64.7¢/lb under the next active Comex copper contract while bare bright’s (Barley) spread widened by 0.6¢/lb to 20.6¢/lb under Comex.
The next active Comex copper contract increased by 6¢/lb to $4.59/lb today compared to May 26.
Transaction prices for copper scrap grades on Wednesday increased following the rise in Comex copper with #2 copper climbing by 6.5¢/lb to $3.3.94/lb fas and bare bright rising by 7¢/lb to $4.39/lb fas US port.
Weekly spreads for #1 copper wire and tube (Berry/Candy) widened by 0.7¢/lb to 29.7¢/lb under the next active Comex, with Wednesday’s transaction price for this grade moving up by 6.5¢/lb to $4.295/lb fas US port for the grade.
A large Chinese buyer was heard to have bought a mixed load of copper scrap late last week, which tightened spreads slightly at the end of May. However, deals have been sporadic since then as exporters are still returning from the Memorial Day holiday and Asian buyers are looking to Europe to procure certain grades like yellow brass (Honey). Sentiment over freight is mixed with prices varying according to the destination port.