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

Spreads for US domestic copper scrap grades widened or narrowed, depending on grade, over the week, amid a stable Comex market. 


The Comex spot market closed at $3.64/lb on Tuesday, slightly higher than its close of $3.63/lb on Jan 19.  


The spread for US bare bright copper scrap (barley) weakened by 0.1¢/lb to 14¢/lb under the January Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by 3¢/lb to $3.50/lb delivered US consumer.    


The spread for #1 copper (berry/candy) was at 22.9¢/lb under the January Comex contract, stronger by 1.4¢/lb with the weekly index for the grade increasing by 4.6¢/lb to $3.41/lb delivered.


The spread for #2 Light copper widened by 0.1¢/lb to 46.6¢/lb under the January Comex contract. The index for #2 Light rose by 1.5¢/lb to $3.175/lb delivered US consumer.


The Biden administration’s recent order strengthening domestic procurement guidelines could prove especially beneficial for the US steel, aluminum, and copper markets. The industry has applauded the move, which could result in domestic demand for these metals used in infrastructure projects increasing during the year.


Consumers continue to fill their volumes for March in anticipation of the Chinese export market opening after the New Year holiday in the Asian nation. The buying spree has caused spreads of some #2 copper grades to tighten considerably, though the spreads for #2 chops remain wide due to uncertainty surrounding their entry into the Chinese copper scrap market.

Leave a Reply

Your email address will not be published.