Forexpros - Copper futures were up for a third day on Wednesday, as appetite for riskier assets improved ahead of a liquidity boosting operation by the European Central Bank later in the day. On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.950 a pound during European morning trade, gaining 0.74%. It earlier rose by as much as 0.85% to trade at a session high USD3.953 a pound. On Tuesday, prices climbed to USD3.957, the highest since February 10. Investors looked ahead to the launch of the ECB’s second three-year long-term refinancing operation, after a similar liquidity injection in December eased pressure on peripheral euro zone bond markets. Market participants expect the liquidity operation to total nearly EUR500 billion, after banks borrowed EUR489 in the December operation. German lender Commerzbank said in a report earlier that, “If some of that money flows into commodity markets, that will push up prices." Meanwhile, Greece’s parliament ratified a EUR3.2 billion package of spending cuts, bringing the debt-laden country one step closer to receiving its second bailout. Europe as a region is second in global demand for the industrial metal. Prices have tracked investor sentiment toward the euro zone’s debt crisis in recent months. Following the ECB's cash injection, market attention will turn to Federal Reserve Chairman Ben Bernanke's semi-annual testimony on monetary policy before the House Financial Services Committee. His comments will be closely watched for any hints regarding further easing measures. Copper prices have rallied nearly 14% since the start of 2012, with the industrial metal tacking on almost 4% in February, buoyed by hopes of increased demand from top consumer China and further easing prospects from global central banks. Elsewhere on the Comex, gold for April delivery eased down 0.05% to trade at USD1,787.25 a troy ounce, while silver for May delivery declined 0.25% to trade at USD37.11 a troy ounce.

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