Copper fell 0.7% to $9,877 per ton. Copper buyers have not yet returned to the market, although prices have fallen 11% from the all-time high reached in May.
Reuters.- The rally in copper prices slowed on Thursday as the dollar stabilized after the Federal Reserve postponed cutting interest rates until the end of the year.
At 1032 GMT, three-month copper on the London Metal Exchange (LME) was down 0.7% at $9,877 per tonne.
The red metal soared above $10,000 on Wednesday after May inflation in the United States was lower than expected, reinforcing expectations of rate cuts.
“We had bullish sentiment after yesterday’s inflation data, but then the Fed statement after the LME close suggested there would only be one cut this year,” said Robin Montefusco of Sucden Financial.
Profit-taking has been seen in recent weeks and copper prices are likely to remain range-bound, with a key support level at $9,500.
The dollar steadied after the Fed held rates steady on Wednesday. A stronger greenback makes the price of metals more expensive for holders of other currencies.
Copper buyers have not yet returned to the market, although prices have fallen 11% from the all-time high reached in May.
In other base metals, aluminum on the LME fell 0.5%, to $2,563.50 per ton; nickel fell 2%, to $17,700; zinc lost 0.7%, to $2,874.5; lead rose 0.3% to $2,179; and tin was trading flat at $33,400.
