Copper falls for second session as dollar muscles up

Copper futures fell in American trade while still heading for weekly gains, as the dollar index muscled up, following earlier data from China, the world's largest metals consumer.  

As of 02:58 GMT, copper futures due in March fell 0.61% to $277.25 a pound, while the dollar index rose 0.39% to 97.15. 

Earlier Chinese data showed the manufacturing PMI receded to 50.0 in October from 50.2, while the services PMI slipped to 53.4 from 53.9, missing estimates of 53.8. 

Federal Reserve Bank of New York President John Williams said in earlier remarks today that he believes neutral levels for interest rates to be low, while asserting the importance of maintaining long-term inflation outlook steady. 

The Fed releases the minutes of its November 7-8 meeting yesterday, at which there were discussions on the timeline for stopping overnight rate hikes in the future. 

In a speech earlier this week, Federal Reserve Chair Jerome Powell noted how interest rates are only slightly below neutral levels, which was priced by markets as moderation in the pace of rate hikes in the near future.