Investing.com - Copper edged higher on Wednesday, as investors looked ahead to the outcome of the Federal Reserve's policy meeting later in the day for guidance on interest rates.
On the Comex division of the New York Mercantile Exchange, copper for March delivery picked up 1.9 cents, or 0.79%, to trade at $2.482 a pound during European morning hours.
A day earlier, copper tumbled 8.0 cents, or 3.17%, to settle at $2.462 as disappointing economic data from the U.S. and China underlined concerns over the global outlook.
Futures were likely to find support at the $2.419, the low from January 26, and resistance at $2.543, the high from January 27.
Copper futures touched $2.419 a pound on Monday, a level not seen since June 2009.
The red metal is down approximately 12% so far in January as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.
Market players looked ahead to the outcome of the Fed's policy meeting later in the day, at which it is widely expected to keep policy on hold.
Investors will be scrutinizing the Fed's statement for wording that reflects expectations that interest rates will remain on hold near zero levels for some time to come.
Elsewhere on the Comex, gold futures for April delivery dipped $4.20, or 0.32%, to trade at $1,288.70 a troy ounce, while silver futures for March delivery shed 7.6 cents, or 0.42% to trade at $18.00 an ounce.
Gold is up 9% so far in 2015, while silver gained almost 15%, as investors sought safety from volatility in global financial markets.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged up 0.15% to hit 94.40 after falling to almost one week lows of 93.95 in the previous session.
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Copper futures edge higher ahead of Fed decision
Published 01/28/2015, 05:05 AM
Updated 01/28/2015, 05:05 AM
Copper futures edge higher ahead of Fed decision
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