US domestic copper scrap spreads narrowed by a penny on Tuesday as scrap flows continued their slide for the third straight week due to a sustained weakness on the Comex.
The Davis Index spread for US Bare Bright copper scrap (Barley) delivered US consumer narrowed from last week’s 12.4¢/lb under the next-active month Comex contract to 12.1¢/lb on Tuesday. Spot pricing for the material decreased to $2.414/lb from $2.445 last week as the next-active month Comex market moved down to $2.536/lb delivered US consumer from $2.57/lb on March 3.
Davis Index spreads for #1 copper (Berry/Candy) delivered US consumer narrowed by around 1¢/lb, to $0.21/lb, up from $0.22/lb as did the spread for #2 chops delivered US consumer, which narrowed from $0.39/lb to $0.381/lb during the week. Spot pricing for both grades trended down by 2¢/lb to $2.315/lb for #1 and $2.153/lb for #2 delivered US consumer.