Discounts for some copper scrap grades eased June 12, with
sources noting that ongoing supply concerns and strong demand
from overseas were serving to bolster prices.
"If a supplier has a
good load of bare bright to ship, they can pretty much name
their price," one copper scrap trader said. "But there
hasnt been a lot of scrap out there, so it doesnt
really matter. If Comex gets a nice bump, supply will open up a
little bit and sellers will start offering material again."
The July Comex
contract, the most actively traded, settled at $3.185 per pound
June 13, down 4.2 percent from $3.319 a week earlier.
makers No. 1 copper scrap discounts dipped to 12 to 14
cents per pound below Comex from a 13- to 15-cent discount a
week earlier, putting prices at $3.09 to $3.11 per pound.
Discounts for No. 2 copper scrap decreased to 25 to 28 cents
below Comex ($2.95 to $2.98 per pound) from 26 to 29 cents in
the same comparison.
refiners No. 2 copper scrap fell to 24 to 26 cents below
Comex from 25 to 27 cents, putting prices at $2.97 to $2.99 per
Meanwhile, all grades
of brass scrap were unchanged, as market participants indicated
that demand continued to outpace declines on Comex.
"There seems to be big
export demand for radiators right now," a brass scrap trader
said. "I dont think radiators are as plentiful as they
used to be. ... I wouldnt be surprised to see radiator
prices move higher over the next six months."
Conversely, one brass
scrap seller noted that overseas demand has pulled back. "The
Chinese have been absent for the better part of two weeks," he
said. "Its going to be a bleak summer."