Copper futures fell in American trade even as the dollar index plumbed the lowest since October 28, following a basket of data from China, the world's largest metals consumer, and the US, and after speeches by major global central bank governors in Frankfort.

As of 03:24 GMT, copper futures due on December 15 slid 0.45% to $310.25 a pound from the opening of $311.65, while the dollar index declined 0.41% to 94.10 from the opening of 94.49. 

Earlier data from China, which accounts for 40% of global copper demand, showed industrial production slowed down to 6.2% y/y from 6.6% in September, missing expectations of 6.3%, while fixed-asset investments slowed down to 7.3% in line with expectations from 7.5%. 

Chinese retail sales slowed down as well to 10% from 10.3% in September, missing forecasts of 10.5%, as several global central bank governors participated in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication" at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.

Otherwise, US producer prices rose 0.4% in October, beating expectations of 0.1%, and same as September, while core prices, excluding food and fuel prices, also rose 0.4%, same as before and passing forecasts of a 0.2% advance. 

Similarly, US Treasury Secretary Steven Mnuchin said earlier today he's not worries about whether the Senate tax reform bill could delay reforms, noting there were but small differences on tax cuts between the bills in the Senate and the House of Representatives, and asserting US president Donald Trump targets a growth rate of 3% or above for the economy. 

US producer prices rose 0.4% in October, beating expectations of 0.1%, and same as September. 

Core prices, excluding food and fuel prices, also rose 0.4%, same as before and passing forecasts of a 0.2% advance. 

Oil futures continued their decline in American trade for the third session in a row, trading near a one-week low hit yesterday amid concerns on US oversupply, especially after the US oil rig count rose by the fastest pace in five months, while losses were curbed by OPEC's monthly report that raised global demand forecasts for the fourth month in a row. 

As of 12:35 GMT, US West Texas Intermediate fell to $56.45 a barrel from the opening of $56.71, while Brent futures declined to $62.85 a barrel from the opening of $63.09. 

US oil production surged 14% since mid-2016 to a new record high at 9.62 million bpd, in the week ending November 3.

The US government forecast a rise in the country's shale output in December for the 12th month in a row, especially as prices trade near their highest since mid-2015. 

Later today, the American Petroleum Institute will release initial data on US inventories, expected to have risen for the first time in three weeks, while the EIA will release the official report tomorrow. 

OPEC raised its oil demand forecasts for the fourth month in a row to 33.42 million bpd in 2018, up 360 thousand bpd from October forecasts. 

OPEC is scheduled to meet on November 30 to discuss the developments in the markets and specify the production policy, with analysts expecting the Organization to extend the global output cut deal for nine more months until the end of 2018. 

In China, the Statistical Agency noted oil refinery output rose by 7.4% in October to fresh record highs at 11.89 million bpd. 

Soybean futures tumbled over one percent as the dollar index gained ground, amid a lack of data from the US, the world's largest soybean producer and exporter, and after a speech by Federal Open Market Committee member Patrick Harker. 

As of 09:44 GMT, soybean futures due on January 15 shed 1.29% to $9.7425 from the opening of $9.8700, while the dollar index pushed up 0.11% to 94.49 from the opening of 94.39. 

Federal Open Market Committee member Patrick Harker said earlier in Tokyo that he expects an interest rate hike in the December 13-14 Fed meeting despite warnings from Fed policymakers regarding softening inflation in the US.  

Harker predicted the Fed to carry on its policy tightening and hike overnight interest rates for a third time this year to between 1.25% and 1.50%, or by 25 basis points, to ready for any future shock, ahead of US inflation data later this week for October, expected to show further softening. 

The US Department of Agriculture's report last week on global supply and demand for November showed the soybean productivity per donam stabilizing at 49.5 bushels per donam, same as October and slightly above expectations of 49.3 bushels. 

The USDA therefore expected total soybean production in the current agriculture year at 425 million bushels, down from 430 million in October forecasts, while analysts expected 420 million.