Copper down

Reuters

Melbourne

London copper edged down on Wednesday as the dollar stood tall after a stream of encouraging U.S. figures supported the case for more rate rises this year.

A U.S. Federal Reserve policymaker said on Tuesday that he will push for an interest rate hike in June or July and two others still see up to three rate increases this year, leaving the door open to a change in monetary policy relatively soon.

The comments came as the U.S. consumer prices recorded their biggest increase in more than three years in April as gasoline and rents rose, pointing to a steady inflation build-up that could give policymakers cause to raise interest rates later this year.

The comments underpinned the dollar against a basket of currencies near recent two week highs, which eroded the buying power of consumers paying with other currencies.