Investing.com - Copper futures were higher during European morning hours on Thursday, after Federal Reserve Chairman Ben Bernanke reiterated the central bank’s commitment to easy monetary policy and amid indications the U.S. economic recovery is gathering momentum. On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.574 a pound during European morning trade, up 0.2% on the day. New York-traded copper prices rose by as much as 0.9% earlier in the day to hit a session high of USD3.602 a pound, the strongest level since February 21. Federal Reserve Chairman Ben Bernanke’s second day of testimony before Congress further reassured markets that the central bank will maintain its bond-buying program for as long as needed. But gains were limited as investors awaited the outcome of Congressional negotiations on the automatic U.S. budget cuts due to come into effect on March 1. If U.S. lawmakers fail to act before the deadline, automatic spending cuts known as sequestration will take effect. Copper traders also looked ahead to the release of revised data on U.S. fourth quarter growth and the weekly report on initial jobless claims. Meanwhile, a positive Italian government bond auction on Wednesday helped ease fears that a political deadlock in the country could rekindle the crisis in the euro zone. However, the growing likelihood of fresh elections in Italy continued to weigh, as hopes that a coalition government could be formed faded. Elsewhere on the Comex, gold for April delivery dipped 0.4% to trade at USD1,589.30 a troy ounce, while silver for May delivery shed 0.25% to trade at USD28.91 a troy ounce.

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