The weekly spreads for US domestic copper scrap grades were flat and pricing leveled off on Tuesday in a quiet market as the country awaits the results of the 2020 US presidential election.

 

The Comex spot market closed at $3.09/lb on Tuesday, flat from Oct 27 after it hit its peak for 2020 at $3.20/lb on Wednesday, Oct 21.

 

The spread for US bare bright copper scrap (barley) was flat at 16¢/lb, under the November Comex contract on Tuesday, while the weekly Davis Index for bare bright decreased by 3¢/lb to $2.93/lb delivered US consumer.

 

The spread for #1 copper (berry/candy) was flat at 27.8¢/lb, under the November Comex contract, with the weekly index for the grade holding at $2.80/lb delivered.

 

The spread for #2 Light copper was unchanged from last week at 45¢/lb, under the November Comex contract. The index for #2 Light was flat at 2.63/lb delivered on Tuesday.

 

Copper market participants are waiting for the US election results, which will have significant implications this year, compared to the past, with different philosophies at stake in fair and free-market trade. On the flip side, the increased number of mail-in ballots and voting extensions are likely to delay the final tally of votes, leaving the market in limbo for a while longer.

Leave a Reply

Your email address will not be published.