Copper edges up under dollar's pressure and after strong data

Copper prices rose mildly on Thursday as dollar strengthened against most major rivals and amid optimism after strong US growth data.

US economy grew 2.9% in the fourth quarter of 2022, beating estimates of 2.6%, while up from 3.2% in the third quarter.

US durable goods orders rose 5.6% in November, beating estimates of 2.4%, and improving from October's 2.1% decline.

US unemployment claims tumbled to 181 thousand in the week ending January 21, the slowest since last April, and below estimates of 203 thousand, while also down from 192 thousand in the previous reading.

Such data indicate the strength and vitality of the economy, which is reflected in recent statements by the IMF expecting the US recession to avoid recession this year. 

The dollar index rose 0.2% to 101.8 as of 15:20 GMT, with a session-high at 101.9, and a low at 101.5. 

Copper futures due in March rose 0.1% to $4.24 a pound as of 15:18 GMT.