Copper futures decline in American trade

Copper futures tilted lower in American trade even as the dollar index hit a one-week low, following earlier data from China and the US, the world's largest economy. 

As of 01:56 GMT, copper futures due on July 15 shed 0.13% to $259.30 a pound from the opening of $259.65, while the dollar index slipped 0.34% to 96.65 from the opening of 96.93. 

Earlier data from China, which accounts for 40% of global copper demand, showed industrial production up 6.5% in May y/y, same as before and beating expectations of 6.4%, while fixed-asset investments slowed down more than expected last month. 

From the US, consumer prices fell 0.1% in May, as retail sales also declined 0.3% unexpectedly last month, as analysts expected a 0.1% rise.  

The disappointing data casts a shadow over the Federal Reserve's decisions and views, even though the Federal Open Market Committee is still expected to tighten its policy and raise interest rates by 25 basis points to between 1.00% and 1.25%, while policymakers are expected to unveil their three year forecasts for inflation, unemployment, growth, and interest rates for the next three years.