Industrial metals fell, with copper retreating from near-record levels, as traders weighed the outlook for US interest rates amid shifting oil prices and comments from Federal Reserve officials. Copper declined as much as 0.8% on the London Metal Exchange on Wednesday, pulling back after a six-day advance. Several Fed policymakers have voiced concerns about the outlook for inflation.

Richmond Fed President Tom Barkin said Tuesday that it could take time for inflationary shocks to wane, while other officials have also signaled further tightening may be needed. The dollar has strengthened, weighing on metals priced in the currency, as expectations of more Fed tightening have increased, with a Bloomberg gauge of the greenback heading toward the highest since July. Higher energy costs stemming from the Middle East conflict have added to concerns and helped drive expectations for tighter monetary policy.

Oil declined on Wednesday, however, after President Donald Trump said US officials had a “very productive” meeting with Iranian envoys, raising the prospect that some of those price pressures could ease. Nickel fell 0.3%, giving back some of Tuesday’s 1.9% surge after drought-related water shortages forced smelters at Indonesia’s Morowali processing hub to cut nickel pig iron output. Three-month copper futures on the LME declined 0.7% to $14,650 a ton as of 11:30 a.m. Singapore time.

Other base metals from aluminum to zinc were also lower.