Volatility slims copper scrap discounts

Jun 05, 2014 | 04:20 PM | Saranya Kapur

Tags  copper scrap, copper, scrap discounts, No. 1 copper, No. 2 copper, bare bright copper, ingot makers, Qingdao probe Saranya Kapur

NEW YORK — Volatility in terminal markets lowered discounts on copper scrap this week as market participants sought direction and monitored the developments in China’s eastern province of Qingdao, where authorities stalled shipments as they investigate potentially fraudulent warehouse receipts used to raise financing.

The July delivery Comex copper contract—the most actively traded—settled at $3.093 per pound June 4, down 2.5 percent from $3.1735 May 28. The contract inched lower June 5, settling at $3.0905 per pound.....

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