Copper eased from near-record highs as traders reevaluated the US rate outlook
amid oil price swings and hawkish Fed comments. LME copper fell as much as 0.8%
on Wednesday, snapping a six-day advance. Several Fed officials voiced concern
about inflation—Richmond Fed's Barkin said inflation shocks may take time to
fade and others signaled possible further tightening. A stronger dollar on
rising bets of tighter Fed policy weighed on dollar-priced metals. Nickel slid
0.3%, giving back part of Tuesday's 1.9% gain after drought-related water
shortages forced smelters at Indonesia's Morowali processing hub to cut nickel
pig iron output.
