NEW YORK Most copper
scrap grades saw discounts increase May 22 as a recent
strengthening on the Comex, coupled with subdued domestic
demand, caused spreads to widen, market participants say.
The discount for brass ingot
makers No. 1 bare bright copper scrap moved to 4 to 6
cents per pound below Comex from a 3- to 5-cent discount a week
earlier, putting prices at $3.32 to $3.34 per pound based on a
July-delivery Comex copper contract settlement price May 22 of
$3.3805 per pound.
Discounts for No. 2 copper scrap
increased to 26 to 29 cents per pound below Comex from 25 to 28
cents previously, putting prices at $3.09 to $3.12 per pound.
The discount for light copper increased to 35 to 37 cents below
Comex from 34 to 36 cents, putting prices at $3.01 to $3.03 per
"Domestic demand is decent but
certainly not amazing," one copper scrap trader said. "Most
yards I speak to say they are busy but not handling a whole lot
of volume; there is still a shortage of material."
Discounts for brass mill No. 1
copper scrap increased to 3 to 5 cents below Comex from 2 to 4
cents previously, putting prices at $3.33 to $3.35 per
Meanwhile, prices for some
grades of brass scrap increased May 22 as sources said demand
from overseas had increased over the past week. Prices for red
brass (No. 1 composition solids) strengthened to $2.53 to $2.57
per pound from $2.51 to $2.55 previously, while composition
borings and turnings increased to $2.50 to $2.55 per pound from
$2.48 to $2.53.