Investing.com - Copper futures bounced off the previous session’s three-week low on Wednesday, on hopes policy makers in China will introduce fresh easing measures to boost growth in the world’s second largest economy and largest consumer of the industrial metal. Market players also looked ahead to the outcome of the Federal Reserve’s policy meeting later in the day. On the Comex division of the New York Mercantile Exchange, copper futures for September delivery traded at USD3.078 a pound during European morning trade, up 1.2%. The September contract settled down 2.1% at USD3.042 a pound on Tuesday, after touching USD3.036, the lowest since July 10. Copper prices were likely to find support at USD3.042 a pound, the previous session’s low and resistance at USD3.108 a pound, Tuesday’s high. The Chinese government pledged on Tuesday to keep economic growth steady in the second half of 2013 while pressing on with economic reforms, according to state media. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Market players now looked ahead to the Fed's upcoming policy statement due later in the day on hopes the central bank could offer more clues on when it could slow the pace of its monthly bond purchases. The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar. In addition, traders are awaiting the release of U.S. growth figures for the second quarter scheduled for later in the session for indications of how the economic recovery is progressing. The U.S. is second behind China in global copper demand. Elsewhere on the Comex, gold for December delivery rose 0.5% to trade at USD1,331.15 a troy ounce, while silver for September delivery rallied 1% to trade at USD19.87 a troy ounce. Moves in the gold and silver price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.

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