Many parts of the UK have been basking in the sunshine of an extended summer but this has not been mirrored in the non-ferrous market where expectations of a September increase in trading and prices never materialized, giving the impression that we are a month behind where we should be.
The copper price improved through August and September but seems to be moving in a tight range of £6500-6700 per tonne, with the volatility perhaps influenced by the ever-changing US dollar exchange rate. Merchants appear to be holding on to material, especially when the market is floating around £6500 per tonne. There is a steady flow of copper in the UK but merchants are still looking for that £7000 mark. Export interest seems to be keener in the Far East than in Europe for all grades, especially Millberry (bright wire).
Aluminium enjoyed a significant price rise at the end of September on the back of interest from most parties, including the UK. India and the Far East have been showing far more interest than in previous months.
As for lead, UK foundries are still keen to purchase even with the price exceeding £1800 per tonne, although some LME discounts are decreasing by £20-30 per tonne.