Investing.com - Copper futures edged higher on Wednesday, ahead of the Federal Reserve's highly anticipated policy statement later in the day. On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.233 a pound during European morning trade, up 0.3%. The December contract settled little changed at USD3.223 a pound on Tuesday. Copper prices traded in a range between USD3.207 a pound, the daily low and a session high of USD3.242 a pound. Copper prices were likely to find support at USD3.191 a pound, the low from September 13 and resistance at USD3.272 a pound, the high from September 12. Investors were focused on the outcome of the Fed’s two-day policy meeting, due to conclude later Wednesday. The central bank was expected to announce plans to start tapering its USD85 billion-a-month asset purchase program. A recent series of soft economic data raised doubts over how much the U.S. central bank will reduce its stimulus program, weighing on the dollar 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. Elsewhere on the Comex, gold for December delivery fell 0.5% to trade at a six-week low of USD1,302.40 a troy ounce, while silver for December delivery shed 0.7% to trade at a five-week low of USD21.63 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 quantitative easing program sooner-than-expected.

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