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

US weekly export copper scrap spreads widened by 1-2¢/lb for most grades on Wednesday in a subdued market.


The Davis Index weekly spread for export #2 copper (birch/cliff) widened by 1.8¢/lb to 63.9¢/lb under the next active Comex copper contract while bare bright’s (barley) spread widened by 0.4¢/lb to 21.6¢/lb under Comex. 


The next active Comex copper contract soared by 20¢/lb from May 5 to close at $4.72/lb on Wednesday, after touching record highs of $4.80/lb earlier this week. 


Trading activity is improving in the US copper export market on strong demand from Europe. Exporters are also witnessing increased interest in direct shipments to China for cleaner copper grades as demand outpaces supply in that country. Scrap grades such as yellow brass (honey) are also being sought with offers for this grade ranging as high as $2.80/lb amid tight supply.


Strengthening demand from China and Europe along with high Comex copper prices pushed up transaction prices for copper scrap grades on Wednesday with #2 copper increasing by 18.3¢/lb to $4.09/lb fas and bare bright (barley) soaring by 20¢/lb to $4.56/lb fas US port. 


The Davis Index spread for #1 copper wire and tube (berry/candy) widened by a penny to 29¢/lb under the next active Comex, with Wednesday’s transaction price increasing by 20¢/lb to $4.44/lb fas US port for the grade.

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