Discounts for most grades of copper scrap widened Dec. 18 as
buyers and sellers reacted to slight upticks on Comex and a
noticeable drop in "pre-holiday" trading activity.
Comex copper contract, the most actively traded, settled at
$3.319 per pound Dec. 18, up slightly from $3.295 per pound a
makers No. 1 bare bright copper scrap discounts moved to
5 to 7 cents per pound below Comex from 4 to 6 cents a week
earlier, putting prices at $3.25 to $3.27 per pound. Discounts
for No. 1 copper scrap increased to 12 to 14 cents per pound
below Comex ($3.18 to $3.20 per pound) from 11 to 13 cents in
the same comparison. Light copper discounts pulled out to 36 to
38 cents per pound below Comex ($2.94 to $2.96 per pound) from
35 to 38 cents Dec. 11.
Despite minor price
fluctuations, most market participants said that overall
sentiment was unchanged from a week ago.
"Pricing is almost the
same as last week," one trader told AMM. "I still
believe demand is decent, but it gets quieter as we move closer
to the holiday and shutdowns. That being said, consumers are
making certain they have units in place when they start
refiners No. 1 copper scrap increased to 9 to 11 cents
below Comex ($3.21 to 3.23 per pound) while brass mills
No. 1 copper widened to 4 to 6 cents under Comex ($3.26 to
$3.28 per pound).
Prices for most grades
of brass scrap held steady, as sources said a lull in trading
quelled volatility. The only grade to register a change was
radiators, which moved up a penny to $2.12 to $2.16 per pound
from $2.11 to $2.15 previously.
All other secondary
grades were unchanged.