U.S. Federal Reserve forecast

Copper rallied Thursday to its highest level in more than two weeks, fueled by a more optimistic economic outlook from the Federal Reserve and by strong technical momentum that may drive prices back toward their 2012 highs.
Copper is higher for a third straight day, extending gains from the previous session during which the U.S. Federal Reserve forecast U.S. growth to "remain moderate over coming quarters and then pick up gradually."
The Fed also said it was ready to launch another round of bond buying if the U.S. economy weakens.
Copper prices moved through two lines of technical defense — the 100-day moving average at around $3.72 per pound and the 200-day at $3.76.
Matthew Zeman, head of trading with Kingsview Financial in Chicago, said the market's ability to hold above the 200-day should attract more buyers and again challenge the upper end of this year's trading range near $4.
"We're going to re-challenge the top end of the previous trading range ... just under $4 (per pound)," Zeman said.
July copper jumped 6.60 cents, or 1.8%, to $3.7735 per pound, after dealing between $3.6960 and $3.7845, another high dating back to April 10.
Comex volumes were heavy once again, with over 101,000 lots traded in late New York business, more than 40% above the 30-day average, according to preliminary Thomson Reuters data.