Copper scrap pricing feels pinch of sagging Comex, rising dollar
Dec 18, 2007 | 07:15 AM
| Sean Barry
U.S. copper scrap prices have come under downward pressure as copper on the Comex division of the New York Mercantile Exchange falls on a rising dollar.
March-delivery Comex copper was trading at $2.906 a pound Tuesday, up 1.7 cents from the previous day's close at $2.889 a pound but down 18.7 cents from the $3.093-a-pound settlement recorded at the start of last week.
Higher grades of copper scrap, which often are pegged against Comex primary copper, have been dragged lower as a result. Brass ingot makers' No. 1 copper scrap has fallen 17 cents a pound to $2.79 in the East and $2.78 in the Midwest, while No. 2 copper is down 18 cents a pound to $2.61 in the East and $2.60 in the Midwest.....
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