Market Update: Copper rallied, leadership changes, green innovations

The market shows mixed movements as copper scrap experienced a rally in Monday’s Comex price, only to decline 6c Tuesday morning, settling at 4.0775.

Despite this, spreads remain stagnant. Notably, a trader revealed flexibility in pricing from a European refinery — a rarity indicating the market’s response to supply and demand dynamics.

The tightening of the aluminum scrap market was observed, albeit with minimal impact on spreads despite the Midwest Premium climbing to 17.60, up 5 points yesterday, while UBC maintains at 69%. Although the rumor is that the ali spreads will be widening as soon as next month.

In market movement news, Hydro’s CEO, Hilde Merete Aasheim, resigned after 17 years, leaving a legacy of sustainability initiatives. Additionally, their CFO, Pᾰl Kildemo, departed this month with rumors suggesting he’ll join Emirates Global Aluminum (EGA). Speculation on EGA’s IPO circulates, with a focus on production despite a 14.7% revenue drop in 2023, reflecting their anticipation of market growth.

Transitioning to eco-friendly initiatives, Century Aluminum and MX Holdings have united to manufacture ultra-low carbon products from end-of-life scrap, aiming for one of the lowest carbon footprints in secondary billets. Hydro also enters the fray, partnering with Sims AlumiSource to access 36,000mt of post-consumer aluminum scrap in North America, reinforcing their commitment to sustainability.