Dollar pressures industrial metals after Fed's decision

Copper prices and other industrial metals declined on Thursday as the greenback strengthens against major rivals following Fed's policy decisions. 

The Federal Reserve voted to hike rates by 50 basis points at the May 3-4 meeting to 1% as expected, while announcing plans to cut down the budget from the current $9 trillion by nearly $47.5 billion every month.

That will be accelerated to $95 billion a month in about three months from now, while expecting several more rates hike throughout the year.

Fed Chair Jerome Powell expressed concerns about the runaway inflation, and the importance of moving fast to stave it off and support the labor market. 

A stronger dollar puts more pressure on dollar-denominated metal prices. 

Copper futures due in July fell 0.1% to $4.33 a pound as of 14:30 GMT.

Palladium futures due in June shed 1.2% to $2,208 an ounce as of 14:35 GMT.