SHANGHAI, June 23 (SMM) – The stronger-than-expected business climate index from Germany helped the euro rebound from lows, and LME copper prices gained as a result, rallying from USD 6,470/mt to USD 6,650/mt, and finally closed at USD 6,605/mt, up USD 55/mt.
SMM believes LME copper prices will retreat during Asian trading hours in view of the weaker-than-expected existing home sales and falling equity markets from the US. In this context, SHFE copper market will likely show weak movements. On Wednesday evening, the US government will announce its interest rate decision, and market is reported with cautious attitude before the release. Particular attention should be paid to the impact on trends of the US dollar and base metals from the decision.
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