Copper buoyed as dollar slides over 1%

Copper prices rose on Thursday as the dollar slid against a basket of major rivals following remarks by Fed Chair Jerome Powell. 

Recent data showed US GDP grew 2.9% y/y in the third quarter of the year, passing estimates of 2.8%, and up from 2.6% in the preliminary reading.

Fed Chair Jerome Powell said the pace of rate hikes will be slowed down starting from the December meeting as the bank rebalances its risks.

However he cautioned that monetary policies will remain tight for the time being until inflation is brought back to normality. 

Following the remarks, markets now put an 80% chance of a 0.5% rate hike by the Fed in December, and a 20% only for a 0.75% rate hike.

The dollar index fell 1.2% to 104.6 as of 15:01 GMT, with a session-high at 105.9, and a low at 104.6. 

Copper futures due in March rose 1.4% to $3.78 a pound as of 15:01 GMT.