The weekly spreads for US domestic copper scrap grades weakened further on Tuesday, as prices dropped against a volatile exchange market.
The Comex spot market closed at $3.01/lb on Tuesday, down from $3.03/lb on September 1. The 2¢/lb difference doesn’t reflect the scope of the past week’s volatility, in which the Comex market started at $3.03/lb and dropped to a low of $2.98/lb before peaking $3.06/lb and then landing at $3.01/lb on Tuesday.
The spread for US bare bright copper scrap (barley) delivered US consumer was wider at 13.6¢/lb, under the September Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by 7.6¢/lb to $2.874/lb delivered US consumer.
The spread for #1 copper (berry/candy) weakened by half-a-penny to 21¢/lb under the September Comex contract, with the weekly index for the grade flat at $2.805/lb.
The spread for #2 Light copper widened by 0.7¢/lb to 41.2¢/lb, under the September Comex contract. The index for #2 Light decreased by 0.7¢/lb to $2.598/lb.
The market has gone quiet as interest from consumers is being pushed further out. Even with freight issues currently impacting the scrap industry, copper consumers have what they need to melt in the near-term leaving confused suppliers, who are wondering why dealers don’t seem to want copper scrap when the market is up.