US copper scrap export spreads tightened on Wednesday as the next active Comex market continued to lose strength on concerns over the economic impact of COVID-19.
Transactional prices moved lower from last week, with the next-active Comex contract closing at $2.1625/lb on Wednesday, down by 33.75¢/lb from $2.50/lb on March 11.
The Davis Index spread for #1 copper wire and tube (Berry/Candy) fas US ports narrowed to 20.8¢/lb, better by 1.7¢/lb, while the spread for #2 copper (Birch/Cliff) fas US ports tightened by 1.9¢/lb to 35.4¢/lb under the next active month on Comex. The spread for Bare Bright (Barley) fas US ports tightened to 12.6¢/lb from 13¢/lb under the next active Comex.
The weekly Davis Index for #1 and #2 copper scrap grades fas US port decreased on Wednesday. The index for #1 copper decreased to 1.93/lb fas US port from $2.29/lb last week, while the index for #2 copper lowered from $1.792/lb on March 11 to $2.109/lb fas US port on Wednesday. The Davis Index for Bare Bright (Barley) also fell to $2.02/lb fas US port from $2.361/lb on March 11.