Copper hovers near five-week low

Copper prices fell on Wednesday for the third session in a row to a five-week low as the dollar expands profits against a basket of currencies, and amid expectations for a U.S rate hike this month.
 
Copper last traded at $2.618 a pound, down from the opening of $2.617, with a session-high at $2.634, and a low at $2.614.
 
Market bets for a rate hike in the Federal Reserve's meeting next week surged after Fed Chair Yellen's remarks last Friday, pointing to the economy's achievement of the bank's employment and inflation targets, paving the way for policy tightening and hurting copper prices.
 
Additionally, copper and other industrial metals were hurt by China's exports slump last month, threatening demand, while the dollar muscles up further against main currencies, heaping pressure on the metal.
 
The dollar index, tracking the greenback against an array of six major counterparts, rose to 101.99 from the opening of 101.77, with a session-high at 102.14, and a low at 101.69.