Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Weekly spreads for US domestic copper scrap grades remained unchanged over the past week amid decreasing Comex copper prices. The Comex copper spot market settled at $4.10/lb on Tuesday, slipping by 2¢/lb from Mar 2. Comex copper prices have slid by 8¢/lb from their Feb 25 highs.  


US bare bright copper scrap’s (barley) spread was flat at 16.7¢/lb under the March Comex contract on Tuesday, with its transaction price inching down by 2¢/lb to $3.933/lb delivered US consumer.    


The spread for #1 copper wire & tube narrowed by 0.2¢/lb to 27.5¢/lb under the March Comex contract, with the weekly transaction price for the grade slipping by 1.8¢/lb to $3.82/lb delivered. The spread for #2 Light copper stayed unchanged at 49¢/lb under the March Comex contract and its transaction price fell by 2¢/lb to $3.61/lb delivered US consumer.


Suppliers and buyers remain constricted by high freight rates, which are expected to ease shortly given the improving weather conditions and transport activity. 


More scrap was on offer this week as peddlers continue to mine their sources in an attempt to benefit from Comex copper prices staying over $4/lb. However, consumer demand remains week at the moment.

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