US export copper scrap spreads widened across most grades while prices increased by 1-3¢/lb depending on the grade.
The next active Comex contract closed on Wednesday at $3.05/lb, up by 3¢/lb from $3.02/lb on September 2.
The weekly Davis Index for #1 copper wire and tube was higher by a penny at $2.77/lb fas US port, while #2 copper stepped up by 3¢/lb to $2.65/lb fas on Wednesday. The bare bright (barley) index increased by 1¢/lb to $2.88/lb fas US port.
The Davis Index spread for #1 copper wire, and tube (berry/candy) was flat at 26¢/lb fas US ports under the next active Comex contract. The spread for #2 copper (birch/cliff) narrowed by 0.2¢/lb to 39.3¢/lb fas US port, under the next active month on Comex while the bare bright (barley) spread weakened by 1.5¢/lb to 16.5¢/lb fas under the next active Comex contract.
Market participants expect the copper market to improve but believe the trend will start only in Q4 2020. The US presidential election weighs heavily on planning for 2021, with traditional battle lines drawn and divergent strategies being formulated depending on the outcome of the election.