The weekly Davis Index for brass scrap declined across all grades on Friday due to a weaker Comex market.
The copper exchange market dropped 14¢/lb over the week. Comex closed by 8¢/lb down on Monday but looked to rebound, after it registered a spurt of 3¢/lb on Tuesday close. However, less than stellar unemployment numbers and some tech selloffs in the stock markets left the market sentiment bearish, impacting commodities negatively.
As a result, the copper component of brass was stronger only by a tenth of a penny this week. However, Brass mills reacted to the lower Comex to a lesser degree due to decent orders books.
The weekly Davis Index for 360-rod borings decreased by 0.3¢/lb to $2.09/lb delivered US consumers and was lower by 0.35¢/lb for brass radiators at $1.665/lb delivered US consumer.
The weekly Davis Index spread for the C-200 series alloy copper was tighter by 0.1¢/lb at 11.4¢/lb under the Comex spot contract, while the C-200 series zinc spread was flat at 6¢/lb under the LME zinc cash contract.
The Comex spot copper contract was 14¢/lb lower at $2.97/lb on Friday from it close on September 18, while the spot LME zinc official contract decreased by $147/mt from September 18 to close at $2,365/mt on Friday.