Copper drops 1% after Fed's statement

Copper prices fell on Thursday, despite the US dollar's fall against most currencies, as investors parse the Federal Reserve's statement.

The US Federal Reserve has kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

The Fed also estimated the US GDP to grow by 3.8% in 2022, 2.5% in 2023, and 2% in 2024.

The dollar index fell against a basket of currencies by 0.1% to 93.3 points as of 05:33 GMT, after it hit a high of 93.5 points and a low of 93.3 points.

Copper December futures contracts fell 1% to $4.20 per pound.