US copper scrap export spreads remained unchanged from last week on soft demand from consumers.
Transactional prices increased by around 3¢/lb, up from last week, with the next-active Comex contract closing at $2.585/lb on Wednesday, up from $2.558/lb a week ago.
The Davis Index spreads for #1 copper wire and tube (Berry/Candy) fas US port were flat at 24¢/lb, while spreads for #2 copper (Birch/Cliff) fas US port spreads held at 43¢/lb under Comex. Bare Bright (Barley) spreads were also unchanged at 15¢/lb under Comex fas US ports.
The Davis Index for #1 copper fas US Port increased on Wednesday to $2.340/lb from $2.305/lb last week, as did #2 copper fas US port, which went up from $2.12/lb to $2.14/lb. The Index for Bare Bright (Barley) fas US port increased slightly from $2.40/lb to $2.43/lb on Wednesday.
The next active Comex contract started to rebound on Tuesday, February 4 to close at $2.54/lb and continued to rise Wednesday before closing at $2.58/lb. Some market participants believe export markets might be the first to widen spreads if the Comex next active contract continues to climb, assuming supply stays consistent.