Non-Ferrous Scrap Metal Market Review: CPI Impact, Geopolitical Concerns, and Industry Expansion

Anticipation surrounding the Consumer Price Index (CPI) and a weakened dollar initially spurred a modest market rally. However, when the CPI figures met expectations, with a 0.4% increase from the previous month and a 3.2% rise from the previous year, most markets stabilized. LME aluminum 3M started the day at $2,200/mt, but it ended the day slightly down at $2218.65/mt. The spread for LME cash to 3m was at 46.35, tightening the spread by 18.65 since last Friday. May Comex copper closed Friday at $3.8915/lb, showing a 4-cent increase for the week and maintaining stability at $3.9325/lb.

As temperatures rise, scrap yards are gaining momentum, but the influx of metal remains insufficient to alleviate buyer concerns. Aluminum scrap prices remain stagnant, with copper scrap expected to do the same. The American Copper Council (ACC) conference is underway this week, contributing to industry dialogue amidst an otherwise tranquil start to the week.