SHANGHAI, Jun. 14 (SMM) –Copper futures prices continued to drift lower last week, dragged down by the sluggish global economy. Spot refined copper averaged RMB 54,860/mt last week, while bare bright copper (including tax) averaged RMB 54,040/mt. This caused their price differential to fall a slight RMB 100/mt. The supply of high-quality scrap copper remained tight last week, so cargo-holders generally held back against falling prices, helping slow declines in scrap copper prices. Low-oxygen copper rod producers appeared eager to increase purchases of scrap copper at lower prices, but were unable to reach consensus with cargo-holders. This constrained transactions on the scrap copper market. The supply of #2 copper was extremely tight over the past week. US #2 copper was quoted at 94% of spot copper prices, but smelters still showed little interest in buying, muting market activity. SMM believes that domestic scrap copper supply is unlikely to improve appreciably in the near term and that the price differential between scrap and refined copper will hold relatively stable absent changes in market fundamentals.