US weekly export copper scrap spreads narrowed on Wednesday as the market stepped back following steep declines in Comex copper prices. 

 

The next active Comex copper contract dropped by 24¢/lb to $4.12/lb today from Aug 11. Comex copper prices began to decline early this week and had closed at around $4.22/lb on Aug 17 before declining further by 10¢/lb today. Spot deals have diminished since the beginning of the week owing to this weakness. 

 

China continues to remain in the market for clean copper scrap grades, though deals to this destination have also reduced considerably as market participants try to gauge the market amid price uncertainties.

 

Bare bright’s (Barley’s) Davis Index weekly spread narrowed by 1.3¢/lb to 17.3¢/lb under the next active Comex copper contract with some offers heard at around 16¢/lb for this grade. The index for #1 copper wire & tube (Berry Candy), however, remained unchanged at 26.8¢/lb under the next active Comex.

 

Transaction prices for copper scrap grades decreased in tandem with Comex copper on Wednesday with Bare bright (barley) dropping by 22.3¢/lb to $3.951/lb fas US port and #1 copper wire & tube falling by 23.6¢/lb to $3.856/lb fas.

 

The Davis Index weekly spread for export Birch Cliff tightened by 4¢/lb to 54¢/lb under the next active Comex copper contract. The grade’s outright price declined by 20¢/lb to $3.58/lb fas US port. 

 

China continued to buy #1 copper chops at around22-23¢/lb under the next active Comex copper contract. Some offers for this grade were heard at spreads as narrow as 19¢/lb, though no deals were confirmed at those levels. Market activity is expected to pick up the pace once European buyers return to the market next week after their summer holidays.

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