NEW YORK Discounts for most copper scrap grades were unchanged Aug. 21 as limited volatility on Comex coupled with steady demand kept things relatively stable over the past week, market participants said.
One copper scrap buyer said that the past seven days had been extremely quiet in terms of trading activity. "I think people are waiting for the market to change one way or the other," he said.
The only grades to see discounts adjusted were ingot makers copper scrap No. 2, which increased to a 24- to 26-cent-per-pound discount from 23 to 25 cents previously, and light copper, which edged up to 32 to 34 cents per pound from 31 to 33 cents. This put copper scrap No. 2 prices at about $3.05 to $3.07 per pound and light copper prices at $2.97 to $2.99 per pound, based on the Aug. 21 Comex copper price for September, the most actively traded contract, of $3.3065 per pound.
Meanwhile, brass scrap prices were steady, with traders saying that muted international demand was being countered by a slight increase in domestic buying.
Red brass (No. 1 composition solids) held at $2.51 to $2.55 per pound, composition borings and turnings were firm at $2.45 to $2.50 per pound, radiators stayed at $2.15 to $2.19 per pound and yellow brass solids, largely an export item, were unchanged at $2.11 to $2.14 per pound.