Copper Climbs to One-Week High After Powell’s Remarks on Rates

Copper climbed after Federal Reserve Chair Jerome Powell said it will probably be appropriate to start lowering interest rates this year, though the central bank is in no rush to do so yet.

Prices rose more than 1% to $8,590 a ton on the London Metal Exchange, touching the highest since Feb. 23. as Powell on Wednesday pointed to lowering borrowing costs “at some point this year,” but said there’s no rush to do so until policymakers are convinced they have won their battle over inflation.