Copper falls off one-month high as dollar rebounds from 38-month nadir

Copper futures tilted lower in American trade away from January 16 highs as the dollar index bounced off December 17, 2014 lows, following earlier data from the US, the world's largest economy. 

As of 02:23 GMT, copper futures due on May 15 fell 0.05% to $326.30 a pound from the opening of $326.45, while the dollar index rose 0.49% to 89.03 from the opening of 88.59. 

Earlier US data showed housing starts rose 9.6% to 1.326 million in January, compared to a 6.9% drop to 1.209 million in December, beating expectations of a 3.5% rise to 1.234 million units. 

Building permits rose 7.4% to 1.396 million, compared to a 0.2% dip to 1.300 million, while analysts expected a 0.7% dip to 1.290 million. 

US import prices rose 1.0% in January, up from a 0.2% rise in December, and beating forecasts of 0.6%.