US copper scrap discounts decline
Jun 27, 2013 | 04:53 PM
| Nathan Laliberte
NEW YORK Discounts for most copper scrap grades narrowed June 26 as market participants said that lower Comex prices coupled with ongoing supply concerns had caused spreads to tighten.
Brass mill No. 1 copper scrap is trading between flat Comex and 2 cents under Comex compared with a discount of 1 to 3 cents previously, putting prices at $3.02 to $3.04 per pound based on a July-delivery Comex copper contract settlement price of $3.041 per pound June 26.
Refiners No. 1 copper scrap discounts dipped to 8 to 10 cents per pound below Comex from a 9- to 11-cent discount a week earlier, putting prices at $2.94 to $2.96 per pound, while the No. 2 copper scrap discount fell to 23 to 25 cents below Comex (putting prices at $2.79 to $2.81 per pound) from 24 to 26 cents. ....
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