The weekly US export copper scrap prices inched up and spreads widened across most grades on Wednesday.

 

The copper market has gone quiet with export destinations backing away from scrap offers due to a lack of demand for new copper products.

 

The next active Comex contract closed on Wednesday at $3.06/lb, up by 1¢/lb from $3.05/lb on September 9.

 

The weekly Davis Index for #1 copper wire and tube rose by a penny to $2.78/lb fas US port on Wednesday. The index for #2 copper and bare bright (barley) also stepped up by 1¢/lb to $2.65/lb fas and $2.89/lb fas, respectively.

 

The Davis Index spread for #1 copper wire, and tube (berry/candy) was worse by 1.7¢/lb at 27.7¢/lb fas US ports under the next active Comex contract. The spread for #2 copper (birch/cliff) weakened by 2.2¢/lb to 41.5¢/lb fas US port, under the same contract while bare bright’s (barley’s) spread widened by 0.5¢/lb to 17¢/lb fas under the next active Comex contract. 

 

Dealers, brokers, and suppliers are finding it hard to secure a home for copper scrap without giving significant discounts in the current environment. This trend is pushing copper scrap back into some corners of warehouses until a more substantial market emerges.

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