NEW YORK Growing concerns about copper scrap
availability caused prices for some grades to rise Feb. 13,
sources told AMM.
Discounts on brass mills' No. 1 copper scrap narrowed to 7 to 9
cents below Comex to a range of $3.65 to $3.67 per pound Feb.
13, up a penny from $3.64 to $3.66 per pound Feb. 6.
Discounts on refiners copper scrap No. 2 also tightened
Feb. 13 to a range of 35 to 37 cents, putting prices at $3.37
to $3.39 per pound. Thats down from a prior discount of
36 to 38 cents, with prices at $3.36 to $3.38 per pound.
Theres definitely demand and its hard to find
metal, especially for some of the higher grades, one
trader told AMM. We feel that spreads will continue to
tighten as long as supply is low.
Brass ingot makers No. 1 bare bright tightened to a range
of 8 to 11 cents, putting prices at $3.63 to $3.66 per pound
Feb. 13, down from a 9- to 12-cent discount Feb. 6. Meanwhile,
the No. 2 discount narrowed to 34 to 38 cents from 36 to 40
cents previously, putting prices at $3.36 to $3.40.
There is less flow overall, a second trader said.
You always have dealers who are sitting on metal, waiting
for higher prices. Either way, everyone thinks that the
reserves are being depleted.
Several sources told AMM that supply for copper scrap is
becoming so tight that sellers are hesitant to part with their
material even at above-market rates.
The frustrating thing is (that) even if we paid a nickel
above the market, it doesnt mean that we are going to get
the metal, a third trader noted. Consumers are
frustrated right now. They could use the metal, and its
difficult to find.
A fourth trader speculated that recent snowstorms across much
of the Midwest and Northeast could be partly to blame for the
When you put three feet of snow on the ground, you
dont have peddlers going to the yards, the trader
said. That type of thing goes all the way up the food
Meanwhile, prices for some brass scrap grades also increased
Composition solids, or red brass, increased to a range of $2.69
to $2.72 per pound from $2.68 to $2.70, while borings and
turnings strengthened by a penny to $2.65 to $2.67.
All other scrap grades were unchanged.