Spot quotes in north China edged down last week. Spot copper was quoted with premiums of 200-320 yuan/mt, or an average premium of 260 yuan/mt last Wednesday, down 80 yuan/mt from Friday June 16. Last week (June 19-21), the inventory at Tianjin warehouses fell 200 mt due to large volumes of deliveries under long-term contracts.
Spot premiums in north China followed Shanghai prices up. However, spot premiums plunged in the middle of the week after copper prices surged to around 69,000 yuan/mt, depressing downstream buying interest. There were very few inquiries in north China market. Spot trading was muted. Spot premiums will continue to fall this week.
