Discounts for most copper scrap grades increased Oct. 25 as
market players said that buyers and sellers were reevaluating
their views about a perceived shortage of material.
"I dont think
the tightness is really as severe as people have been saying,"
one copper scrap trader told AMM. "The only grade that
seems to be experiencing supply issues is No. 1 copper scrap.
Everything else seems to be flowing okay at this point,
including bare bright."
Discounts for Ingot
Makers No. 1 bare bright increased to 5 to 7 cents below
Comex from 4 to 6 cents the week prior, putting prices at $3.20
to $3.22 per pound based on a December-delivery Comex copper
contract settlement price of $3.2675 per pound Oct 23.
No. 1 copper scrap was
unchanged at 10 to 12 cents below Comex ($3.15 to $3.17 per
pound), No 2. copper rose three cents to 29 to 31 cents ($2.96
to $2.98 per pound) and the discount for light copper increased
to 37 to 40 cents ($2.87 to $2.90 per pound) from a 35- to
38-cent discount Oct. 16.
Discounts for brass
mill No. 1 copper scrap also rose to 3 to 5 cents below Comex
from 2 to 3 cents previously, putting prices at $3.22 to $3.24
per pound. Refiners No. 1 copper scrap was even at 6 to 8
cents below Comex ($3.19 to $3.21 per pound).
Meanwhile, most brass
scrap prices fell by about 2 to 3 cents as sellers said some
manufacturers have been looking to transition out of the
Red brass (No. 1 composition solids) fell three cents to
$2.45 to $2.49 per pound, composition borings and turnings
dipped three cents to $2.42 to $2.45 per pound, radiators moved
down to $2.13 to $2.15 per pound from $2.15 to $2.16 per pound
previously and yellow brass solids edged down two cents to
$2.08 to $2.10 per pound.