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Supply and demand remain relatively balanced despite market sources reporting a slowdown in business activity ahead of the year-end while businesses look to keep inventories to a minimum for accounting purposes.
“Spreads have remained the same and no one is aggressively buying because they just want to finish the year now,” one copper scrap trader said.
Fastmarkets’ weekly assessment of copper scrap No1 copper, discount, buying price, delivered to brass mill US was unchanged at 9-11 cents per lb on December 7.
The copper scrap No1 copper, discount, buying price, delivered to refiners was also flat at 9-12 cents per lb on Wednesday, while the copper scrap No2 copper, discount, buying price, delivered to refiners was unchanged at 32-36 cents per lb.
The most-active March delivery Comex copper contract settled at $3.8605 per lb on December 7, up 3.28% from $3.738 per lb a week earlier.
Recent increases on the Comex have helped set a floor for brass prices despite muted trading activity.
Fastmarkets’ assessment of the copper scrap No1 comp solids, buying price, delivered to brass ingot held at $2.74-2.80 per lb on Wednesday, while copper scrap comp borings, turnings, buying price, delivered to brass ingot makers remained at $2.50-2.60 per lb.
Fastmarkets’ assessment of the copper scrap radiators, buying price, delivered to brass ingot makers was also unchanged at $2.25-2.30 per lb on December 7.
“All is very quiet in the physical trade and likely will be the case through year-end. Spreads are stable and quiet and reflective of current ranges,” another scrap trader said.