SHANGHAI, Jul. 10 (SMM) –The unexpectedly positive results of June 28-29 EU Summit pushed commodity prices higher, including copper. The average price for refined copper rose RMB 810/mt from the previous week. Cargo-holders of scrap copper took their lead from this rise in refined copper prices, supported by the extreme tightness of scrap copper supply sources, pushing the average price on bare bright copper up RMB 860/mt on the week. The price differential between scrap and refined copper thus failed to widen but held between RMB 500-700/mt as copper prices rose. The narrowness of this price spread between scrap (including tax) and refined copper encouraged producers of low-oxygen copper rod to continue buying refined copper in place of scrap copper. Processing fees for crude and #2 scrap copper narrowed to RMB 600-1,000/mt last week, worsening production losses at scrap copper smelters and further undermining their negligible interest in buying. Nevertheless, SMM believes the increase in scrap copper arriving at Chinese ports will bolster supply starting from mid-July, which should stir some return to activity in the scrap copper market.