Copper plumbs four-week low, dollar trades flat

Copper futures fell to July 20 lows as the dollar index trades mostly flat but within eyesight of June 28, 2017 highs, following earlier data from China, the world's largest metals consumer, and the US. 

As of 01:29 GMT, copper futures due in September fell 0.66% to $271.30 a pound, while the dollar index inched down to 96.37 against a basket of major rivals. 

Earlier data from China, which accounts for 40% of global copper demand, showed the unemployment rate rose to 5.1% in July from 4.%, while retail sales rose 8.8% y/y, slowing down from 9.0%, and missing estimates of 9.2%. 

Industrial production rose 6.0% y/y with no change, missing estimates of 6.3%. 

China is embroiled in a trade war with the US, which is harming its economy, especially export-focused businesses, and is expected to weigh on its growth rate.

Otherwise, earlier US data showed import prices unchanged in July, compared to a 0.1% m/m dip in June, and missing estimates of a 0.1% increase, while prices excluding petroleum slipped 0.1%, compared to a 0.4% decline in June. 

On a yearly basis, prices rose 4.8% last month, up from 4.7% in June, and beating estimates of 4.5%.