Prices for higher grades of copper scrap have edged lower as primary metal on the Comex division of the New York Mercantile Exchange comes under downward pressure and a pickup in overseas demand fails to meet expectations. The brass ingot makers’ No. 1 and No. 2 copper scrap fell 3 cents across the East and Midwest. Prices for most of the lower grades have not changed significantly as demand from Chinese consumers holds steady. But despite flashes of aggressive buying, traders said the demand hasn’t yet reached forecast levels. The downturn in the automotive and housing industries continues to reduce demand for copper-based products.

American Metal Market. October 31, 2006