US weekly brass scrap spreads were rangebound on Friday following a 15¢/lb weekly surge in the Comex copper market.
The Comex spot copper contract soared to $4.33/lb on Friday from $4.18/lb on Apr 16. The spot LME zinc official contract declined by $51/mt at $2,802/mt on Friday compared to the prior week.
The weekly Davis Index for C-200 series alloy’s copper spread trended sideways narrowing by 0.1¢/lb to 11.7¢/lb under the Comex copper spot contract. The C-200 series zinc spread, was also rangebound narrowing to 5.9¢/lb under the LME zinc cash contract, tighter by 0.1¢/lb.
Soaring Comex copper prices along with a spike in buying activity saw brass prices increasing by an average of around 9¢/lb, especially for red brass where demand has firmed up. Still, some buyers are moving ahead cautiously, concerned about high prices.
Brass scrap exports are also gaining momentum on improving demand from China for grades such as brass radiators and the red grades of the metal.
The weekly Davis Index for 360-rod borings trended sideways, inching down by 0.3¢/lb to $2.927/lb delivered US consumer. Brass radiators continued to climb due to improving demand in the export market, rising by 5.2¢/lb to $2.392/lb delivered. Limited availability also saw Red Brass solids climbing by 9¢/lb to $3.035/lb delivered.