Copper advanced on Wednesday, as market players awaited 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.
On Tuesday copper tumbled 8.0 cents, or 3.17%, to settle at $2.462 as pessimistic economic data from the U.S. and China drove 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.
So far in January the red metal has been down approximately 12%, as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.
Investors 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.
Markets will be anticipating the Fed's statement for clarifications that reflect expectations that interest rates will remain on hold near zero levels for some time to come.
Also 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.
