The weekly spreads for US domestic copper scrap grades trended flat to wide, depending on grade, as the Comex market ticked up on the promise of the second economic stimulus package for the American people.
The Comex spot market closed at $3.55/lb on Tuesday, up from $3.52/lb a week ago.
The spread for US bare bright copper scrap (barley) delivered US consumer widened by 0.7¢/lb to 15¢/lb under the December Comex contract on Tuesday, while the weekly Davis Index for bare bright increased to $3.40/lb delivered US consumer.
The spread for #1 copper (berry/candy) was flat at 25¢/lb under the December Comex contract, with the weekly index for the grade better by 3¢/lb at $3.30/lb delivered. The spread for #2 Light copper was also flat from last week at 42.5¢/lb, under the December Comex contract and the grade’s index increased by 3¢/lb to $3.125/lb delivered US consumer.
Market activity remains quiet this week with most buying completed for the year. However, buyers and suppliers feel more optimistic about the direction of the market with the US election turmoil almost settled. Market participants believe that decisions can now be made based on the new variables in the business landscape based on a Biden administration in the White House.