US weekly brass scrap spreads were rangebound on Friday amid limited supply and a rising Comex copper market.
The weekly Davis Index for C-200 series alloy’s copper spread was rangebound at 11.7¢/lb under the Comex copper spot contract. The C-200 series zinc spread, also remained unchanged at 6.1¢/lb under the LME zinc cash contract.
Brass supply is tightening due to higher demand for the alloy compared to copper. Ammunition scrap especially is getting harder to procure amid limited offers in the US market. Supply of 360-rod borings and brass radiators also remains limited, pushing up their prices. High freight costs and a stronger Comex copper market are also likely to impact the brass market in the near term.
The weekly Davis Index for 360-rod borings increased by 3.5¢/lb to $2.91/lb delivered US consumer. Brass radiators continued to climb for the second successive week, rising by 4¢/lb to $2.235/lb delivered as more buyers sought the grade. Red Brass solids also inched up this week, climbing by 0.2¢/lb to $2.893/lb delivered.
The Comex spot copper contract settled at $4.058/lb on Friday up by 5.5¢/lb from Apr 1. The spot LME zinc official contract trended sideways closing down by a dollar at $2,807/mt on Friday compared to Apr 1. The LME and Comex markets were closed for the Easter weekend on Apr 2.