US copper scrap discounts tightening

Apr 25, 2013 | 02:24 PM | Nathan Laliberte

Tags  copper scrap, brass scrap, Comex, Kennecott, Bingham Canyon, copper cathode, Nathan Laliberte

NEW YORK — Copper scrap discounts tightened further April 24 as precipitous drops on Comex combined with uncertainty about future scrap supplies continue to support secondary prices.

The discount for brass ingot makers’ No. 1 bare bright narrowed to 3 to 5 cents per pound below Comex compared with a 4- to 6-cent discount a week earlier, putting prices at $3.11 to $3.13 per pound based on a May-delivery Comex copper contract settlement price of $3.157 per pound April 24.

The discount on brass ingot makers’ No. 1 copper scrap fell to 11 to 13 cents per pound from 13 to 15 cents, putting prices at $3.03 to $3.05 per pound; No. 2 copper scrap tightened to a 24- to 26-cent discount, putting prices at $2.90 to $2.92 per pound; and light copper moved down to a 34- to 36-cent discount from 36 to 40 cents previously, putting prices at $2.80 to $2.82 per pound. ....

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