Copper scrap nudges upward on tighter supply

Oct 26, 2007 | 07:30 AM | Sean Barry

U.S. copper scrap prices have bounced back on continuing tight supplies and firming prices for primary metal on the Comex division of the New York Mercantile Exchange.

The market is being underpinned by a slowdown in scrap flow caused by a downturn across the manufacturing and housing sectors.

Consumers looking for large tonnages and quick deliveries are being slammed by higher prices, trade sources said.

The slight move upward comes as domestic demand holds steady and traders report spotty export business.

"Consumers are buying steadily as there's not much metal around. If you need a large tonnage delivered quickly then you're going to pay dearly for the privilege," a source at one ingot producer said. "Supply and demand is reasonably well balanced. Domestic and export demand is still limited."....

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