Copper scrap market quiet amid Comex drop
Mar 22, 2012 | 03:42 PM
| Chris Prentice
Tags
copper scrap,
brass scrap,
comex,
chris prentice
NEW YORK — Spreads on copper scrap failed to narrow across the board amid a sudden drop in Comex prices Thursday, sources told AMM.
Copper for May delivery, the most active contract, closed at $3.7655 per pound Thursday, down 2.1 percent from $3.8455 the previous day and 3.4 percent below $3.8975 per pound a week earlier.
Despite the drop, discounts on No. 1 copper scrap and No. 2 copper scrap stayed put as market players waited to see if the lower prices would hold. "Spreads aren’t coming in," one trader said.....
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