Copper spikes over 3% to 38-month peak

Copper prices rallied in American trade to the highest since August 11, 2014, even as the dollar index gained ground, following an array of data from China and the US, and after the International Monetary Fund's Washington meeting, which underpinned a positive outlook for global growth.

As of 02:55 GMT, copper prices jumped 3.51% to $324.35 a pound from the opening of $313.35, with an intraday low at $311.20, and a 38-month high at $324.85, while the dollar index rose 0.12% to 93.20 from the opening of 93.09. 

Earlier data from China, which constitutes nearly 40% of global copper demand, showed consumer prices slowed down to 1.6% in September in line with expectations, down from 1.8% in August. 

Producers prices accelerated to 6.9% y/y in September, up from 6.3% in August, pointing to strong growth in inflation in the world's largest metals consumer. 

The data bolstered expectations of stable economic growth for China in the next quarters despite earlier forecasts of a slowdown, ahead of the national conference for the Chinese Communist Party next Thursday, at which the government will unveil its forecasts for growth in the short and medium terms. 

Otherwise from the US, earlier US data showed the Empire State Manufacturing Index rose to 30.2 in October from 24.4 in September, passing expectations of 20.3, while Chile, the world's largest copper producer, curbed production levels recently, with optimism over Chinese demand, in turn underpinning prices to a 38-month high.