The weekly spreads for US domestic copper scrap were rangebound across most grades except for #2 light, which tightened on better demand and tight supply.
The Comex spot market closed at $3.197/lb on Tuesday, up from $3.15/lb on Nov 10.
The spread for US bare bright copper scrap (barley) was flat at 16.3¢/lb, under the November Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by 4.7¢/lb to $3.034/lb delivered US consumer.
The spread for #1 copper (berry/candy) was wider by 1.4¢/lb at 26.8¢/lb, under the November Comex contract, with the weekly index for the grade climbing by 6¢/lb to $2.93/lb delivered.
The spread for #2 Light copper narrowed by 6.5¢/lb to 40.7¢/lb, under the November Comex contract while the index for the grade surged by 11.2¢/lb to $2.79/lb delivered US consumer on Tuesday.
The jump in #2 light copper prices and its tightening spread reflected better demand and tight supply with some consumers looking to lay in extra copper units at a reduced cost compared to the traditional #1 and #2 grades.