The weekly spreads for US domestic copper scrap grades were weaker on Tuesday, though pricing moved higher in tandem with the Comex market.

 

The Comex spot market closed at $3.06/lb on Tuesday, up from $3.01/lb on September 8.  

 

The spread for US bare bright copper scrap (barley) delivered US consumer was flat at 13.6¢/lb, under the September Comex contract on Tuesday, while the weekly Davis Index for the grade increased by 6.4¢/lb to $2.938/lb delivered US consumer.

 

The spread for #1 copper (berry/candy) weakened by 0.2¢/lb to 20.3¢/lb, under the September Comex contract, with the weekly index for the grade increasing by 4.7¢/lb to $2.852/lb delivered.

 

The spread for #2 Light copper widened by 0.2¢/lb to 41.4¢/lb under the September Comex contract with the index for the grade rising by 4.1¢/lb to $2.639/lb.

 

Supply is weighing over demand for copper scrap prompting many small dealers and suppliers agreeing to hold out on selling their material into a market that does not seem to want it. As a result, the copper scrap market has entered a wait-and-see mode with market participants hoping for better sales and a stronger sense of direction before they are comfortable with making a strategy to move forward.

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