US export copper scrap spreads diverged over the past week after a strong Comex market came off its peak for the year. Transactional pricing was also mixed as the Comex market trended flat over the short week.
The next active Comex contract closed on Wednesday at $3.55/lb, flat from Dec 16.
The weekly Davis Index for #1 copper wire and tube increased by 0.7¢/lb to $3.33/lb fas US port. The #2 copper index, on the other hand, declined by 2.2¢/lb to $3.08/lb fas on Wednesday. The bare bright (barley) index increased by 0.5¢/lb to $3.405/lb fas US port.
The Davis Index spread for #1 copper wire, and tube (berry/candy) was tighter at 23.3¢/lb fas US ports under the next active Comex contract, better by 0.7¢/lb. The spread for #2 copper (birch/cliff) weakened by 2.2¢/lb to 47.2¢/lb fas US port, under the next active month on Comex while the spread for bare bright (barley) tightened by 0.5¢/lb to 14.5¢/lb fas under the next active Comex contract.
The range of spreads continues to remain wide with varying interest levels from consumers. The market has been quiet over the week as the US market heads into the holiday season. Participants are hopeful the new year will bring better pricing and more clarity into the market place.