US copper scrap discounts narrow
Mar 14, 2013 | 02:09 PM
| Nathan Laliberte
NEW YORK Discounts for some grades of copper scrap narrowed March 13 as sources on both sides of the market continued to express concern about weak scrap inflows.
"I am starting to hear that some scrapyards are running out of money," one scrap trader said. "There are too many players fighting for the same material. There needs to be a shake out."
The discount for brass mills No. 1 copper scrap tightened to 6 to 8 cents below Comex compared with a 7- to 9-cent discount a week earlier, putting March 13 prices at about $3.45 to $3.47 per pound based on a March 13 Comex copper price of $3.525 per pound for May delivery. Meanwhile refiners copper scrap No. 2 narrowed to a 33- to 35-cent discount from a 34- to 36-cent discount previously, putting March....
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