Copper Slides From Record on US Rate Outlook, Dollar’s Advance

Copper retreated from the previous session’s record high after the Federal Reserve tempered rate-cut expectations, helping to boost the US dollar.

Fed Chair Jerome Powell warned that investors need to rein in expectations for a December rate cut. The Bloomberg Dollar Spot Index rose as much as 0.6% on Thursday, the most in more than three weeks. A stronger greenback makes commodities priced in the currency less appealing.