Copper Prices Steady Despite Hawkish Fed Signals

Copper prices steadied after Federal Reserve Chair hinted at additional interest rate hikes, despite widely expected increases. The dollar strengthened, but futures on the London Metal Exchange (LME) remained little changed. US tariffs on refined metal are still a concern, although demand from data centers and renewable energy sources provides support.

Analysts point out that copper is consolidating after reaching a record high last week, driven by bets on potential US tariffs. However, the absence of new trade measures has unwound some physical market speculation, according to RBC Capital Markets analyst Sam Crittenden.

Copper prices were 0.2% lower at $14,202.50 a ton on the LME as of 10:30 a.m. in Singapore. Other metals showed mixed performance, with aluminium down 0.5% and nickel adding 0.4%. Iron ore futures rose 0.2% to $96 a ton.