US weekly export copper scrap spreads were unchanged on Wednesday for the second successive week following continued weakness in Comex copper prices.
The next active Comex copper contract climbed by 4¢/lb to $4.36/lb today from Aug 4, though it remains well below the $4.48/lb mark achieved at the beginning of the month.
Exports remain subdued with continued deals reported to only a few countries like China and Malaysia despite rising inquiries for grades like yellow brass (Honey) from India and Pakistan. The European market remains shut due to summer holidays, with active trade to the region expected to resume only by the end of August.
Bare bright’s (Barley’s) Davis Index weekly spread narrowed by 0.4¢/lb to 18.6¢/lb under the next active Comex copper contract on stronger demand with offers heard at around 17¢/lb for this grade. The index for #1 copper wire & tube (Berry Candy), however, remained unchanged at 26.8¢/lb under the next active Comex.
Transaction prices for copper scrap grades increased on Wednesday with Bare bright (barley) rising by 3¢/lb to $4.174/lb fas US port and #1 copper wire & tube increasing by 3.5¢/lb to $4.092/lb fas.
#1 copper chops to China continued to be offered at around 23¢/lb under the next active Comex copper contract. Higher freight prices, especially from European markets, continue to restrict buying activity, with South Asian importers increasing their inquiries to the US due to the lower freight from this outlet.
The Davis Index weekly spread for export Birch Cliff remained at 58¢/lb under the next active Comex copper contract. The grade’s outright price increasing by 6¢/lb to $3.78/lb fas US port.