US weekly export copper scrap spreads widened slightly on Wednesday as trading remained subdued in the export market.
The Davis Index weekly spread for export #2 copper (birch/cliff) widened by 0.6¢/lb to 64¢/lb under the next active Comex copper contract while bare bright’s (barley) spread widened by 0.5¢/lb to 19.5¢/lb under Comex.
The next active Comex copper contract fell by 3¢/lb to $4.53/lb today compared to May 19.
Dropping Comex copper prices pushed down the transaction prices for copper scrap grades on Wednesday with #2 copper decreasing by 6¢/lb to $3.88/lb fas and bare bright (barley) dropping by 7¢/lb to $4.31/lb fas US port.
The Davis Index spread for #1 copper wire and tube (berry/candy) remained unchanged at 29¢/lb under the next active Comex, with Wednesday’s transaction price moving down by 5¢/lb to $4.23/lb fas US port for the grade.
Demand persists from the European markets with some loads of birch/cliff heard to have made their way to South Korea. Still, Asian purchases have softened with exporters anticipating a further downtrend from the region after China warned its domestic metals market of strict action to curb the sky-high metal prices prevalent in the market.