The US service sector was weak in May, which raised expectations for Fed to pause interest rate hikes in June. The US dollar index has weakened as well, supporting copper prices.

Global copper smelting activity resumed in May, and the smelting activities in China, the major copper producer, increased as well. The actual supply of spot goods was tight, and the copper premiums maintained high, which supported prices but suppressed downstream consumption, thereby limiting price uptrend.

Market participants expected that the Fed will pause interest rate hikes in June, coupled with the eased US debt crisis, copper prices were upheld.

On Tuesday (June 6), the three-month copper on the London Metal Exchange (LME) was up by US$58.5 from the previous day to US$3,821/ton, hiking by US$180 week on week.