Discounts for most copper scrap grades were unchanged July 24
as market participants said ongoing supply shortages,
especially for No. 1 bare bright, continued to buoy the
makers No. 1 bare bright copper scrap discounts were
between zero and 3 cents per pound below Comex vs. 1 to 3 cents
a week earlier, putting prices at $3.15 to $3.18 per pound
based on a September-delivery Comex copper settlement price of
$3.179 per pound.
"Things are still very
tight and demand has stayed solid," one copper trader told
AMM. "I have heard of people paying 2 cents above
Comex for immediate delivery on a straight load of bare
Brass scrap tags also
were steady July 24, with sources indicating that the market
had remained relatively quiet over the past week.
Red brass (No. 1
composition solids) moved up to $2.54 to $2.58 per pound from
$2.52 to $2.56 previously, composition borings and turnings
held firm at $2.48 to $2.53 per pound, radiators were steady at
$2.13 to $2.17 and yellow brass solids, largely an export item,
were unchanged at $2.12 to $2.15.