The weekly spreads for US domestic copper widened by about a penny for the second consecutive week on Tuesday as demand remained weak and the physical market resisted high Comex copper prices.
Comex copper spot prices soared again over the past week, increasing by around 25¢/lb to settle at $4.80/lb today compared to May 4.
The Davis Index spread for US bare bright copper scrap (barley) widened by 0.5¢/lb to 19.3¢/lb under the May Comex contract on Tuesday, with the transaction price for this grade soaring by 25¢/lb to $4.61/lb delivered US consumer.
Spreads for #1 copper wire & tube widened by 1.1¢/lb to 28.5¢/lb under the May Comex contract, with its weekly transaction price increasing by 24.4¢/lb to $4.52/lb delivered.
For #2 light copper, the spread widened by 0.7¢/lb to 56.3¢/lb under the May Comex contract while the transaction price for #2 light climbed by 24.8¢/lb to $4.24/lb delivered US consumer.
Sellers have widened spreads this week in the hopes of eliciting buyer interest, but the latter remain firmly out of the market due to high prices. High transportation costs due to a shortage of trucks are adding to demand softness in the market.