Shortage of copper scrap keeping prices firm

Dec 07, 2007 | 08:50 AM | Sean Barry

U.S. copper scrap prices are firm as the market remains underpinned by a shortage of material caused by the manufacturing slowdown and the rising price of primary copper on the Comex division of the New York Mercantile Exchange.

Higher grades of copper scrap are being supported by a stronger futures market, with the red metal on Comex for March delivery increasing to $3.13 a pound by midday Friday from the previous day's $3.0485-a-pound settlement.

Copper found support from better-than-expected U.S. nonfarm payroll data and a drawdown in stocks held in Shanghai overnight.....

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