US copper scrap export spreads remained unchanged on Wednesday on muted demand as the economy braced for further Covid-19 virus impact and base metals indices moved lower.
Transactional prices decreased, with the next-active Comex contract closing at $2.56/lb on Wednesday, from $2.60/lb on Feb 19.
The weekly Davis Index spreads for #1 copper wire and tube (Berry/Candy) remained unchanged at 22¢/lb fas US port, while spreads for #2 copper (Birch/Cliff) held at 39¢/lb fas US port under Comex. Bare Bright (Barley) spreads were also unchanged at 12¢/lb fas US ports, under Comex.
The weekly Davis Index for #1 and #2 copper scrap exports decreased on Wednesday. The index for #1 copper dropped to $2.361/lb fas US port from $2.401/lb fas US port in the previous week, while it dropped for #2 copper from $2.210/lb fas US port on Feb 19 to $2.173/lb fas US port on Wednesday.
Weak global demand and supply chain interruptions are making business more difficult than usual. Container availability is tightening, and freight rates are increasing as the pressure for a change in prices builds up, though the direction of the change remains unclear.