Copper Rebounds as Traders See $12,000 Within Reach After Rally

Copper rebounded after Federal Reserve Chair Jerome Powell signaled the central bank is on track for another quarter-point interest-rate cut this month and traders at an industry gathering in London see prices of $12,000 a ton within reach.

The metal, seen as a bellwether for the global economy given its widespread industrial use, advanced as much as 1.8%. Powell’s remarks helped buoy prices after US-China tensions derailed a rally that saw copper within striking distance of a record above $11,100 a ton last week.