Copper drops to two-week low as dollar hits one-month high

Copper futures fell in American trade away from January 16 highs for the seventh session out of nine, as the dollar index rebounded from December 17, 2014 lows for the seventh session out of nine as well, following earlier data from China, the world's largest metals consumer, and the US. 

As of 02:16 GMT, copper futures due on May 15 fell 0.69% to $316.45 a pound from the opening of $318.65, marking a February 13 low, while the dollar index rose 0.12% to 90.47 from the opening of 90.36, marking January 22 highs. 

Earlier Chinese data showed the manufacturing PMI fell to 50.3 in February from 51.3, missing expectations of 51.2 while the services PMI slipped to 54.4 from 55.3. 

 Earlier US data showed GDP growth slowed down to 2.5% in the fourth quarter of 2017, matching expectations and down from the preliminary reading's 2.6% growth, and the third quarter's 3.2% growth rate. 

GDP prices slowed down as well to 2.3% in the second reading, missing expectations of 2.4%. 

Federal Reserve Chair Jerome Powell testified on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC, on Tuesday, while on Thursday, Powell will testify before the Senate Banking Committee, thus completing the second half of his Congress testimony.