Weekly US copper scrap spreads were unchanged on Tuesday as the next active Comex contract increased after a month-long slump amid moderating demand.
The weekly Davis Index spread for US Bare Bright copper scrap (Barley) delivered US consumer was unchanged at $0.14/lb under the next-active month Comex contract, while spot pricing for the copper grade decreased from $2.39 to $2.43/lb on Tuesday.
Spreads for #1 copper (Berry/Candy) and #2 copper (Birch/Cliff) were flat at $0.24/lb and $0.43/lb, respectively, under Comex while spot pricing for both increased by 3¢/lb from last week to $2.34/lb for #1 and $2.15/lb for #2 delivered US consumer.
The next active Comex contract price increased to $2.58/lb on Tuesday from $2.545/lb a week ago, gaining 3.5¢/lb over the week-long period and ending a slide that had started on January 14. The next active Comex contract price began 2020 at $2.83/lb and has lost $0.25/lb to date.