Ingot makers sit tight as scrap rallies
Nov 18, 2009 | 11:46 AM
| Anne Riley
Most grades of brass ingot makers' scrap registered price gains during the week on the back of soaring primary tags. But with few actually chasing material until sales rebound, industry players said they aren't feeling the pain.
December-delivery copper closed at a 14-month high of $3.1105 per pound Wednesday on the Comex division of the New York Mercantile Exchange as money from speculators and hedge funds continued to pour into the market. Higher grades of copper scrap, which tend to move in lock-step with the Comex, also ticked higher. No. 1 copper rose 11 cents in the East to $2.92 per pound and 12 cents in the Midwest to $2.88 per pound, while No. 2 copper was up 9 cents in the East to $2.67 and 10 cents in the Midwest to $2.63 per pound.....
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