The Davis Index for brass scrap increased by 2-9¢/lb for some grades on Friday in a week where exchange markets moved back to their pre-COVID 19, February trading levels for copper.
The weekly Davis Index for 360-rod borings increased by 5.6¢/lb to $1.72/lb delivered US consumers on more activity for scrap purchases. The index for brass radiators was flat at $1.535/lb delivered and rose by 9.5¢/lb for red brass (85:15) solids to $2.18/lb, delivered US consumers.
The weekly Davis Index spread for the C-200 series alloy copper was tighter by 0.3¢/lb at 9.6¢/lb under the Comex spot contract, while the spread for the C-200 series zinc was slightly worse by 0.6¢/lb at 3.3¢/lb under the LME zinc spot contract.
The Comex cash copper contract was higher by 13¢/lb at $2.56/lb on Friday up from $2.43/lb on May 29, while the spot LME zinc official contract decreased by $1/mt on Friday to $1,971/mt from $1,972/mt on May 29.
Pricing remains volatile against spot buying and gaps in inventory. Scrap consumers have been careful to not over-extend themselves but have been aggressive in their deals when needing specific grades. The Comex exchange market has felt the effect of hedge fund managers who have stepped back into the commodities market.