The weekly US export copper scrap spreads widened across all grades while prices inched up in tandem with the Comex market despite its struggles with abundant supply and weak demand.
The next active Comex contract closed on Wednesday at $3.05/lb, higher by two pennies from Oct 7.
The weekly Davis Index for #1 copper wire and tube increased by 2.3¢/lb to $2.76/lb fas US port. The index for #2 copper stepped up by 0.9¢/lb to $2.615/lb fas, while bare bright (barley) increased by 1.1¢/lb to $2.862/lb fas US port.
The Davis Index spread for #1 copper wire, and tube (berry/candy) widened by 1.7¢/lb to 29.5¢/lb fas US ports under the next active Comex contract. The spread for #2 copper (birch/cliff) was worse by 0.8¢/lb at 43.5¢/lb fas US port, under the next active Comex contract, while the spread for bare bright (barley) weakened by 0.6¢/lb at 18.8¢/lb fas under the same contract.
Market participants have struggled to find buyers for US-origin scrap copper, saying consumers are happy to buy material from the Persian Gulf and Africa as US copper scrap offers are too high.