Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The weekly spreads for US domestic copper scrap grades were weaker, as prices moved up despite tepid demand and readily available supply.  


The Comex spot market closed at $2.97/lb on Tuesday, up from $2.87/lb on August 11. Now back to a penny higher than its peak this year, the Comex is putting considerable pressure on spreads amid weakening demand.


The spread for US bare bright copper scrap (barley) delivered US consumer, was wider at 11.1¢/lb, under the August Comex contract on Tuesday, while the weekly Davis Index for bare bright increased by 9.1¢/lb to $2.859/lb delivered US consumer.


The spread for #1 copper (berry/candy) was worse at 17.1¢/lb, lower by 0.6¢/lb under the August Comex contract, with the weekly index for the grade settling 8.5¢/lb higher at $2.79/lb. 


The spread for #2 Light copper was weakened by 0.2¢/lb to 34.3¢/lb under the August Comex contract, while the index for the grade increased by 9.2¢/lb to $2.62/lb.


The Comex market rebounded on China’s stimulus package and an attempt by the Asian country to clarify its new waste restrictions requirements. The new requirements allow scrap importers to apply for a certification to continue shipping into Chinese ports with less fear of being held up for inspection.

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