Reuters reported that premiums for physical metals in Europe remained little changed in the past week with traders eyeing the return of top consumer China. Traders said that the premium for copper in Rotterdam paid above the London Metal Exchange cash price was at around USD 75 per tonne to USD 85 per tonne versus USD 70 to USD 80 in late May. They said that we've had premiums firm, but there's not much demand. It will likely remain quiet until the end of the summer. Business had improved slightly. Premiums have strengthened a bit; May was up from April. The Q1 was weak for physical copper demand while top consumer China did not follow its usual pattern of striding back into the market after its Lunar New Year break in February. Trader said that China's copper imports fell 3% in May but extra bookings would raise June arrivals. I think slightly lower prices have made them more interested. Benchmark LME copper was at USD 9,012 per tonne at 0939 GMT. In output news, production should return to normal in days at the world's No 5 copper mine, Chile's El Teniente, after a strike that seems near its end. Traders said that premiums for duty paid physical aluminum eased from record highs in recent weeks to USD 205 per tonne to USD 235 per tonne over LME cash prices compared with quotes of USD 210 to USD 240 in May. Premiums for duty unpaid material was quoted at USD 140 per tonne to USD 150 per tonne. Inventories of aluminium hit a record high of 4.71 million tonnes in May but have since started to soften. VTB Capital said that although spot premiums have recently eased a little the spot market remains very tight. Traders quoted tin premiums for Chinese material at USD 500 per tonne to USD 600 per tonne versus USD 450 to USD 600 last week and standard grade Malaysian tin at USD 350 per tonne to USD 550 per tonne versus USD 325 to USD 475.

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