Copper slumps despite dollar's tumble

Copper prices fell on Tuesday to a one-week low despite dollar's tumble against a basket of currencies, as news about a major Indonesian mine resuming production hurt prices. 

Copper last traded at $2.635 a pound, down from the opening of $2.658, with an intraday high at $2.660, and a low at $2.620. 

Copper's current decline came as news broke that a major copper mine in Indonesia is resuming production after a workers strike-induced hiatus, heaping pressure on the metal as more supplies in the markets outweigh demand. 

On the other hand, the dollar widened its losses considerably against an array of major rivals to a six-week low, after statements by Fed officials reinforced the Bank's gradual approach to raising interest rates. 

The dollar index tracking the greenback versus a basket of six major counterparts, tumbled to 99.73 from the opening of 100.34, with an intraday high at 100.35, and a low at 99.69.