Copper rises for second day, dollar ekes out gains

Copper futures tilted higher in American trade while the dollar index traded mostly flat with a tilt higher, following earlier trade data from China, the world's largest metals consumer. 

As of 01:38 GMT, copper futures due in September rose 0.18% to $275.70 a pound, while the dollar index climbed 0.07% to 95.25 against a basket of major rivals. 

Earlier Chinese data showed the trade surplus fell to 177 billion yuan, or $28.1 billion in July, compared to 262 billion yuan in June, and missing estimates of 229 billion, as imports outpaced exports last month. 

Federal Reserve Bank of Richmond President Thomas Barkin spoke earlier today at a town hall event, in Virginia, where he lauded the the strong performance and outlook for the economy, with stellar growth, unemployment numbers, while wages are growing quickly.

Barkin believes that inflation is heading firmly towards the Federal Reserve's 2% target, while both business and consumer confidence continue to improve, in turn all allowing for the Fed to increase interest rates and tighten policy in a gradual manner.  

Last week, the Federal Open Market Committee voted to hold overnight interest raters unchanged at 1.75% to 2.0% as expected by analysts, while laying the groundwork for further policy tightening and normalization of the balance sheet in the months to come.