Copper edges higher

London
Copper rose, rebounding further from 5-1/2 year lows as traders took the opportunity to buy at still relatively weak prices ahead of the Federal Reserve’s policy statement.
Three-month copper on the London Metal Exchange (LME) ended at $5,480 a ton, up 1.01 percent, to recover from a 3 percent drop in the previous session.
Copper is still down 13 percent so far this month, extending a 20 percent loss registered over 2013 and 2014. It hit a 5-1/2 year low of $5,339.50 a ton on Monday.
The US central bank is expected to signal it remains on track to begin raising interest rates later this year.
Fed policymakers will likely restate their “patient” approach to raising rates, while also voicing faith that the economy will continue to pick up.
The dollar was firm ahead of the Fed statement. A weak dollar makes commodities priced in the currency cheaper for holders of other currencies.