US export copper scrap spreads strengthened on Wednesday with transactional prices recording gains as well.
Transactional prices got the benefit of a more robust Comex market, and slightly tighter spreads over the week. The next active Comex contract closed on Wednesday at $2.38/lb, up by 9¢/lb from $2.29/lb on April 22.
The weekly Davis Index for #1 copper wire and tube increased to $2.177/lb fas US port from $2.10/lb fas, while the index for #2 copper climbed to $2.058/lb fas US port on Wednesday, from $1.972/lb fas on April 22. The index for bare bright (Barley) hit $2.267/lb up from $2.20/lb fas US port.
The Davis Index spread for #1 copper wire and tube (Berry/Candy) narrowed to 18.8¢/lb fas US ports under the next active Comex contract, tighter by 0.02¢/lb, while the spread for #2 copper (Birch/Cliff) tightened to 31¢/lb fas US ports, under the next active month on Comex, wider by 0.02¢/lb. The spread for Bare Bright (Barley) narrowed by 0.01¢/lb to 8.7¢/lb fas under the next active Comex contract.
Demand from Asia is more durable than the domestic market but coupled with tepid scrap flows in the US, prices have found little strength behind them for exports.