Copper Holds Steady at $7,005 per tonne

On the London Metal Exchange, three-month copper was unchanged June 19 from its closing price Tuesday at $7,005 a tonne in official midday rings. The red metal is sitting at it’s  lowest price since early May.

Comex copper prices for July were down $0.027 to $3.128 a pound, according to The Wall Street Journal. Today marks the fourth straight day of declines for copper futures.

The meeting of the U.S. Federal Reserve is going into its second and final day today as the central bank determines whether it will continue the stimulus package of buying up $85 billion in debt each month.

“The Fed is what people are watching very closely,” Barclays analyst Gayle Berry told Reuters. “But even though we could have some big news from a macro perspective, when you look at it on a micro perspective things are actually looking okay for copper.”