The weekly spreads for US domestic #1 copper scrap delivered US consumer narrowed on Tuesday as the Comex market continued its downward trend.
The weekly spread for US Bare Bright copper scrap (Barley) delivered US consumer narrowed by 1.1¢ to 11¢/lb under the next-active month Comex contract, on Tuesday. The Davis Index for bare bright decreased by around $0.215 to $2.199/lb as the next-active month Comex market moved down from $2.52/lb, on March 10, to $2.309/lb on Tuesday.
The spread for #1 copper (Berry/Candy) was better, by around 1¢/lb, at $0.203/lb, while the spread for #2 chops was better by a penny, narrowing to $0.371/lb. The indexes for both grades trended down significantly, from last week with #1 down by $0.21/lb to $2.10/lb and #2 down to $1.941/lb delivered US consumer.
Market participants are fearing a waning demand, sooner rather than later and expect supply to become a concern for consumers because of the global factors driving the drop in the Comex exchange contract.