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

The weekly spreads for US domestic copper scrap grades were weaker on Tuesday, though pricing moved higher in tandem with the Comex market.


The Comex spot market closed at $3.06/lb on Tuesday, up from $3.01/lb on September 8.  


The spread for US bare bright copper scrap (barley) delivered US consumer was flat at 13.6¢/lb, under the September Comex contract on Tuesday, while the weekly Davis Index for the grade increased by 6.4¢/lb to $2.938/lb delivered US consumer.


The spread for #1 copper (berry/candy) weakened by 0.2¢/lb to 20.3¢/lb, under the September Comex contract, with the weekly index for the grade increasing by 4.7¢/lb to $2.852/lb delivered.


The spread for #2 Light copper widened by 0.2¢/lb to 41.4¢/lb under the September Comex contract with the index for the grade rising by 4.1¢/lb to $2.639/lb.


Supply is weighing over demand for copper scrap prompting many small dealers and suppliers agreeing to hold out on selling their material into a market that does not seem to want it. As a result, the copper scrap market has entered a wait-and-see mode with market participants hoping for better sales and a stronger sense of direction before they are comfortable with making a strategy to move forward.

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