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Copper Edges Higher As US Dollar Drifts To 16-Month Low Against Euro

Copper prices edged higher on Tuesday in New York as investors covered their short positions after the American greenback drifted to a 16-month low against the euro, making the dollar denominated commodity more lucrative for overseas investors. However the gains remained capped in the yellow metal ahead of the Federal Reserve`s policy announcement and Fed Chairman Ben Bernanke`s press conference due on Wednesday.

On the other hand, copper pirces wilted in London as the markets there opened after a long four day gap and immediately caught up with the steep losses in Asian and US markets.

Copper futures for May delivery advanced by 1.60 cents and settled at $4.3190 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange slipped $155 to $9,545 a tonne.

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