Spot quotes in north China rose last week. Spot copper was quoted with premiums of 10-270 yuan/mt, or an average premium of 140 yuan/mt last Friday, up 60 yuan/mt from May 26.

Last week, the inventory in Tianjin warehouses remained unchanged due to different opinions of buyers and sellers. Sellers raised prices due to previous overselling when copper prices fell and tight supply driven by maintenance at major smelters as well as tight supply of goods with front-month invoices.

But downstream buyers were reluctant to accept high premiums, and there were different opinions between buyers and sellers. Copper prices rebounded at the end of last week, and the overall downstream consumption was weak. Smelters lowered prices. This week, if copper prices continue to rebound and downstream consumption continues to weaken, spot premiums in north China are expected to fall.

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