After the Fed delivered a widely expected rate hike, traders pared back the hawkish signal from the Fed chair and LME copper futures were little changed despite a firmer dollar. Fed officials still forecast another rate increase later this year, which could weigh on non-yielding assets such as copper. Copper earlier surged to record highs on expectations of possible US tariffs on refined copper, driven by large inflows into US inventories and raising supply concerns elsewhere. So far the US has

After the Fed delivered a widely expected rate hike, traders pared back the hawkish signal from the Fed chair and LME copper futures were little changed despite a firmer dollar. Fed officials still forecast another rate increase later this year, which could weigh on non-yielding assets such as copper. Copper earlier surged to record highs on expectations of possible US tariffs on refined copper, driven by large inflows into US inventories and raising supply concerns elsewhere. So far the US has not imposed new trade measures, injecting uncertainty into the prior rally, but demand from data centres and renewables and disruptions at major mines continue to provide support. RBC Capital Markets analyst Sam Crittenden said in a note: "News that the US will not impose tariffs on copper has cooled some physical-market speculative activity. Despite short-term price weakness, fundamentals remain constructive."