Copper rises to 14-month high as Powell affirms Fed rate stance

Copper rose to a 14-month high as expectations for US rate cuts and threats to supply added impetus to a rally that’s been underway since early February.

It climbed for a fourth session on the London Metal Exchange after Federal Reserve Chair Jerome Powell said it would likely be appropriate to begin lowering borrowing costs “at some point this year.” Copper touched $9 380 a ton, the highest intraday level since late January 2023, following a 3% surge on Wednesday after a gauge of Chinese manufacturing came in better-than-forecast.