Why copper scrap is behaving in a way that wasn't supposed to be possible

https://preview.redd.it/iiqbs9hui34h1.png?width=1448&format=png&auto=webp&s=4876b81d72ff76278835ab8fed21bc935502061c There's an old rule in copper markets. When prices surge, scrap payability coefficients drop. More metal chasing the same material, buyers get picky, premiums compress. Simple supply and demand logic that held up for years. May just broke that rule pretty cleanly. Copper prices surged then pulled back, but scrap payability coefficients barely moved. Millberry - the cleanest grade