Spot copper averaged $3.1058 during May, down 41.34¢, or 11.7% from $3.5192 in April, but was up 99.97¢, or 47.5% from $2.1061 last May.

The year-to-date average now stands at $3.2955, up $1.5247, or 86.1% over $1.7708 during the first five months of 2009.

Inventories of copper held in Comex and London Metal Exchange (LME) warehouses fell 22,118 MT, or 3.7% to 568,924 MT at the end of May, but are up 206,135 MT or 56.8% from 362,789 MT last May.

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