The copper and brass scrap markets remained mostly steady in the United States, with market participants searching for clarity in the wake of a steep drop in Comex copper prices over the past week.
The September-delivery Comex contract closed at $2.7475 per lb on Wednesday August 1, down 2.5% from $2.8175 per lb on July 25. The contract reached $2.8315 per lb on July 31 before falling to $2.7375 per lb on August 2, for a 9.4-cent drop in two days. That steep decline took the market by surprise, prompting many consumers to temporarily step to the sidelines."We aren't quoting today, with Comex down 8-plus cents,"...