The Davis Index for brass scrap declined by 4-7 ¢/lb for some grades on Friday in a week where markets searched for direction and the Comex remained volatile.
The weekly Davis Index for 360-rod borings decreased by 4.3¢/lb to $1.66/lb delivered US consumers on lower volumes trading, while the index for brass radiators rose by a penny to $1.535/lb delivered. The index for red brass (85:15) solids lost by 7¢/lb, down to $2.085/lb, delivered US consumers.
The weekly Davis Index spread for the C-200 series alloy copper was slightly wider by 0.2¢/lb flat at 9.9¢/lb under the Comex spot contract, while the spread for the C-200 series zinc was slightly better by 0.1¢/lb at 2.7¢/lb under the LME zinc spot contract.
The Comex cash copper contract was higher by 2¢/lb at $2.43/lb on Friday up from $2.41/lb on May 22, while the spot LME zinc official contract increased by $19/mt on Friday to $1,972/mt from $1,963/mt on May 22.
Pricing for material as well as the Comex market have been volatile throughout this week. Spot deals have also increased price volatility, with transactions that represent low consumer inventory and some trades that generated cash at less than the market prices but with better payment terms.