US export copper scrap spreads strengthened on Wednesday with transactional prices remaining mostly unchanged.
Transactional prices were mixed with the next active Comex contract closing on Wednesday at $2.29/lb, down by 1¢/lb from $2.30/lb on April 15.
The weekly Davis Index for #1 copper wire and tube decreased to $2.10/lb fas US port from $2.11/lb fas, while the index for #2 copper dropped slightly to $1.972/lb fas US port on Wednesday, from $1.98/lb fas on April 15. The index for Bare Bright (Barley) remained unchanged at $2.20/lb fas US port.
The Davis Index spread for #1 copper wire and tube (Berry/Candy) narrowed to 19¢/lb fas US ports under the next active Comex contract, tighter by 0.03¢/lb, while the spread for #2 copper (Birch/Cliff) widened to 32¢/lb fas US ports, under the next active month on Comex, wider by 0.02¢/lb. The spread for Bare Bright (Barley) narrowed by 0.05¢/lb to 8.8¢/lb fas under the next active Comex contract.
Market participants are trying to balance supply and demand amid a volatile market. Scrap supply and cash remain primary concerns for market participants. Finding scrap material to sell is a challenge only to be followed up by the fear of customers not qualifying for credit insurance and cash concerns.