Copper rises for first time in five sessions as dollar slides

Copper futures rose in American trade away from December 20 lows, as the dollar index plumbed a 37-month nadir, following earlier data from China, the world's largest metals consumer, and the US, the world's largest economy.

As of 02:35 GMT, copper futures due on March 15 rose 0.33% to $320.25 a pound from the opening of $319.20, while the dollar index shed 0.39% to 90.55 from the opening of 90.90. 

Earlier data from China, which accounts for 40% of global copper demand, showed the seasonally-adjusted reading for fourth-quarter GDP growth at 1.6%, down from 1.8% in the third quarter, and missing expectations of 1.7%. 

On a yearly basis, China's GDP growth steadied at 6.8% in the fourth quarter, besting forecasts of 6.7%, while retail sales slowed  down to 9.4% in December, as industrial output accelerated to 6.2% from 6.1%. 

From the US, earlier data showed that housing starts dipped below expectations while building permits steadied above forecasts in December. 

Unemployment claims fell to 1973 lows while the Philly Fed Manufacturing Index slowed down below estimates in January.