US export copper scrap spreads were mixed over the past week on a strong Comex copper market, which has hovered around its peak for the year.
Transactional pricing moved higher on a strong Comex market. The spreads have tightened for most grades despite the Comex market remaining near its peak for the year. The next active Comex contract closed on Wednesday at $3.55/lb, up from $3.058/lb, on Wednesday of last week.
The weekly Davis Index for #1 copper wire and tube was higher by 6.4¢/lb at $3.32/lb fas US port. Simultaneously, the #2 copper index stepped up by 1.2¢/lb to $3.10/lb fas on Tuesday. The bare bright (barley) index increased by 7.4¢/lb to $3.40/lb fas US port.
The Davis Index spread for #1 copper wire and tube (berry/candy) was tighter at 23¢/lb fas US ports under the next active Comex contract, better by 2.2¢/lb. The spread for #2 copper (birch/cliff) was worse by 3¢/lb at 45¢/lb fas US port, under the next active month on Comex. The spread for bare bright (barley) was better at 15¢/lb fas under the next active Comex contract, better by 3.2¢/lb.
The range of spreads continues to remain wide with varying interest levels from consumers. With China in the market, it has tightened the spreads, but the Asian nation still struggles to find those willing to ship against the new classification system. As more loads clear inspection, it should help to bring some comfort to the market.