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

The weekly spreads for US domestic copper scrap grades varied, depending on grade, over the week, in a quiet market. The Comex spot market closed at $3.63/lb on Tuesday, lower than its high of $3.64/lb earlier in the day, but higher than $3.60/lb on Jan 12.


The spread for US bare bright copper scrap (barley) tightened by 3.1¢/lb to 13.9¢/lb under the January Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by 7¢/lb to $3.47/lb delivered US consumer.


The spread for #1 copper (berry/candy) was at 24.3¢/lb under the January Comex contract, weaker by 0.8¢/lb with the weekly index for the grade declining by 4.7¢/lb to $3.354/lb delivered.


The spread for #2 Light copper widened by 5.5¢/lb to 46.5¢/lb under the January Comex contract. The index for #2 Light slipped by 3.2¢/lb to $3.16/lb delivered US consumer.


Some consumers have already filled their volumes for March while others are buying in a market that still has abundant supply before exports to China begin in full swing. The Chinese import market for non-ferrous scrap is expected to pick up pace soon. Reports of improvement in the non-ferrous metals sorting timelines has made suppliers more optimistic about the clarity and speed of importing copper scrap.


However, some market participants remain wary about the changes in the #2 copper chops grade, which was a key export grade before the new classifications were issued.

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