Comex drop tightens copper scrap discounts
Apr 04, 2013 | 04:17 PM
| Nathan Laliberte
NEW YORK Copper scrap discounts have tightened over the past week due to a combination of weakening terminal markets and an ongoing supply crimp, sources told AMM.
The discount for brass mills No. 1 copper scrap narrowed to 3 to 5 cents below Comex compared with a 4- to 6-cent discount a week earlier, putting prices at $3.28 to $3.30 per pound, based on a May-delivery Comex copper contract settlement price of $3.333 per pound April 3.
The Comex price is down 3.2 percent from $3.4435 per pound a week earlier and 4.8 percent below the $3.5015 per pound seen a month earlier. ....
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