SHANGHAI, June 24 (SMM) – The US Federal Reserve decided to leave its extremely low interest rate unchanged at their historical low of 0-0.25%, which was in line with market expectations. However, the US’s new home sales in May tumbled by 32.7% to 300,000 from April levels, since a boost from a popular tax credit faded, well below market estimations of 400,000 units, hitting a new record low. In this context, LME copper prices retreated as low as USD 6,488/mt before closing at USD 6,550/mt, down USD 55/mt. During Asian trading hours on Thursday, LME copper prices started to rebound. SMM expects LME copper prices to move between USD 6,500-6,700/mt in the short term. SMM believes SHFE September delivery copper prices will fluctuate in the RMB 52,800-54,000/mt range on Thursday.
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