Investing.com - Copper futures edged higher on Monday, but gains were likely to remain limited ahead of the Federal Reserve’s upcoming policy meeting on Wednesday. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.208 a pound during European morning trade, up 0.2% on the day. New York-traded copper prices rose by as much as 1.1% earlier in the session to hit a daily high of USD3.238 a pound, which was the strongest level since June 13. Copper futures came off the highs as investors remained cautious amid ongoing speculation over whether the Fed will begin to unwind its easing program in the coming months. Market sentiment took a hit last week amid growing expectations that the Fed will to start taper off its bond purchasing program later this year. The industrial metal has been under pressure in recent weeks amid lingering concerns over the global economic outlook, especially in top consumer China. Comex copper prices lost 2.1% last week, the fifth consecutive weekly decline. Elsewhere on the Comex, gold for August delivery eased down 0.1% to trade at USD1,386.15 a troy ounce, while silver for July delivery dipped 0.2% to trade at USD21.90 a troy ounce.

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