US export copper scrap spreads widened over the past week while prices trended up for most grades. The next active Comex contract closed on Wednesday at $3.02/lb, up 6¢/lb from $2.96/lb on August 26.  

 

The weekly Davis Index for #1 copper wire and tube was flat at $2.76/lb fas US port, while the index for #2 copper climbed by 2¢/lb to $2.62/lb fas on Wednesday. The bare bright (barley) index increased by 3¢/lb to $2.87/lb fas US port.

 

The Davis Index spread for #1 copper wire, and tube (berry/candy) weakened by 5.5¢/lb to 26¢/lb fas US ports under the next active Comex contract while the #2 copper (birch/cliff) spread widened by 3.8¢/lb to 39¢/lb fas, under the same contract. The spread for bare bright (barley) was worse by 2.5¢/lb, settling at 15¢/lb fas under the next active Comex contract. 

 

The Comex market’s strength has brought out copper scrap from the back corners of warehouses and maintenance shops. However, with such little demand for the red metal globally, consumers are either pushing the spreads wider to build more margin on purchases or turning the scrap away and using cash for investments other than inventory.

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