Discounts for most copper scrap grades slipped July 10 as
market participants said ongoing supply shortages and solid
demand continued to bolster prices.
Refiners No. 1
copper scrap discounts dipped to 6 to 8 cents per pound below
Comex from 7 to 9 cents a week earlier, putting prices at $3.01
to $3.03 per pound based on a September-delivery Comex copper
settlement price of $3.091 per pound. The No. 2 copper scrap
discount fell to 20 to 22 cents from 22 to 24 cents, putting
prices at $2.87 to $2.89 per pound.
"Metal is tight and
demand is pretty good. I think we are seeing discounts pull in.
... Nobody wants to operate beyond a 30-day windowthat
seems to be as far out as they are comfortable looking, given
all of this global uncertainty," one copper scrap trader
"Supply has definitely
tightened over the last few weeks. We are able to sell at
pretty decent spreads, especially on loads of bare bright;
Its good competition for cathode," one copper scrap
makers No. 1 bare bright copper scrap discounts dipped to
1 to 3 cents per pound below Comex from 2 to 4 cents a week
earlier, putting prices at $3.06 to $3.08 per pound. Discounts
for No. 1 copper scrap decreased to 8 to 10 cents, putting
prices at $2.99 to $3.01 per pound, compared with a 10- to
12-cent discount a week earlier.
Discounts for brass
ingot makers No. 2 copper scrap eased to 20 to 22 cents
per pound below Comex from 21 to 23 cents a week earlier,
putting prices at $2.87 to $2.89 per pound. Light copper
discounts fell to 28 to 30 cents below Comex from 30 to 32
cents, putting prices at $2.79 to $2.81 per pound.
Meanwhile, brass scrap
tags held steady June 10, with sources indicating that tepid
market activity had calmed price volatility.
"I have talked to a
lot of people who said they were busy last week and then it
just died off this week," one brass scrap told AMM.
"Sellers are sitting on the metal because they are hoping for a
market recovery and buyers are preparing for summer
Red brass (No. 1
composition solids) remained at $2.52 to $2.56 per pound,
composition borings and turnings held firm at $2.48 to $2.53
per pound, radiators were steady at $2.13 to $2.17 per pound
and yellow brass solids, which are largely an export item, were
unchanged at $2.12 to $2.15 per pound.