NEW YORK 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 market.
Brass ingot 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 bright."
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.