Comex, China weigh on copper scrap

Oct 24, 2008 | 11:18 AM | Tom Jennemann

The U.S. copper scrap market has ground to a standstill as prices slide further due to the powerful downward pull of poor demand, the exit of the Chinese from the marketplace and continued tepid performance of primary copper prices, market sources said.

Prices for higher grades of scrap, often pegged against the Comex division of the New York Mercantile Exchange, have been hurt by softer primary metal prices. The December copper contract on Comex settled at $1.6865 a pound Friday, down 6.5 percent from $1.8045 a pound the previous day. Comex copper is down nearly 60 percent from its more than $4-a-pound high in July.....





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