Copper Scrap Just Sent An Interesting Signal About Supply Tightness

There's an old rule in copper markets. When copper prices spike, scrap payability coefficients usually fall. The logic is simple. Higher prices attract more scrap into the market, buyers gain leverage, and premiums get squeezed. It's been a fairly reliable relationship for years. What's interesting is that May didn't follow that script. Copper prices surged and then pulled back, but scrap payability coefficients barely budged. Millberry, one of the highest quality grades of copper scrap, held near 98.5%. Me