June marked the sixth consecutive increase in the monthly average copper price, as inventories fell to their lowest level since November. Spot copper averaged $2.2834 on Comex during June, up 17.73¢, or 8.4% from $2.1061 in May, but was off $1.4063, or 38.1% from $3.6897 last June.

The year-to-date average now stands at $1.8563, off $1.8113, or 49.4% from $3.6676 during the first six months of 2008. Inventories held in Comex and LME warehouses fell 42,594 MT, or 12% during June to 320,195 MT, and are down 262,388 MT from the March high of 582,583 MT.

See below for a chart covering 1988 through June 2009.