Copper backs off two-week high, dollar gains ground

Copper futures fell over one percent in American trade off October 22 highs for the third session out of four, as the dollar index climbed off October 22 lows, following earlier data from China, the world's largest metals consumer, and the US. 

As of 02:43 GMT, copper futures due in December fell 1.13% to $272.35 a pound away from two-week highs, while the dollar index rose 0.16% to 96.15 away from two-week lows. 

Earlier Chinese data showed the trade surplus up to 234 billion yuan, or $34 billion, compared to 213 billion yuan in September, while analysts expected only 209 billion. 

Earlier US data showed unemployment claims for the week ending Saturday down to 214 thousand as expected from 215K, while continuing claims for the week ending October 27 fell to 1.632 million from 1.631 million. 

The Federal Open Market Committee is wrapping up its policy meeting today, with analysts expecting no change in overnight interest rates at below 2.25% after increasing them by 25 basis points for the third time this year at the last meeting.