US copper scrap spreads steady, but No. 2 export spreads narrow

摘要

Washington—Discount spreads for high grades of copper scrap sold in the US remained largely unchanged this week with the exception of No. 2 birch/cliff, which narrowed amid the volatility in the futures markets and the slow ramp-up of the Chinese economy. The S&P Global Platts spread for No. 2 narrowed to July COMEX minus 32 cents/lb, delivered FAS, from July COMEX minus 34 cents/lb, delivered FAS, last week. US dealers/processors cited two factors in the decline: sharp swings in COMEX copper futures and the gradual ramp-up of Chinese businesses as lockdown measures enacted to control the coronavirus outbreak are lifted.