Copper plumbs two-week trough as dollar steadies up

Copper futures fell over one percent in American trade to the lowest since June 4, as dollar steadies near seven-week highs, after US housing data and ahead of speeches by Fed governors later today.

As of 01:23 GMT, copper futures due on July 15 fell 1.13% to $310.90 a pound from the opening of $314.45, while the dollar index inched up 0.05% to 94.84 from the opening of 94.79. 

The NAHB Housing Market Index inched down to 68 in June from 70 in May, as analysts now await Federal Reserve Bank of Atlanta President Raphael Bostic's speech about the economic outlook and monetary policy at the Rotary Club of Savannah.

Federal Reserve Bank of San Francisco President John Williams is due to deliver closing remarks at a conference on banking culture, hosted by the Federal Reserve Bank of New York, after the Federal Open Market Committee voted this week to raise interest rates by 25 basis points to below 2.00%.