Copper futures gain in spite of climbing US dollar

Copper futures gained on Wednesday even as the US dollar index climbed to a five-week high overnight after the US Federal Reserve said it is likely to raise interest rates in March as expected and later launch a significant reduction in its asset holdings. Further, rising crude oil prices also supported copper prices uptrend.

Copper futures for March delivery rose $0.0650 to settle at $4.5150 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was up 1.18 percent at $9,916.50 a ton.