Copper futures in New York rose as the Fed's dovish message weighed on the dollar

After the Fed wrapped up its two-day policy meeting on Wednesday, investors focused on the Fed's latest expectations for the number of rate hikes, with most Fed officials now expecting just two hikes this year, down from four expected at the Fed's December meeting
.
This change has increased the attractiveness
of risky assets such as commodities.

The Fed's statement also dragged the dollar down
.
Copper futures, on the other hand, are priced in US dollars, and when the dollar weakens, copper becomes cheaper
for buyers holding other currencies.
Commerzbank analysts said in a note that the Fed's hint that it will not raise interest rates as quickly as previously expected this year has driven metal prices sharply higher
.

In addition, copper prices have found support
in the speech of Chinese Premier Li Keqiang.
Li Keqiang said China has the ability to withstand economic downward pressure
.
China is the world's largest consumer of metals, and investors are very concerned about the health of the Chinese economy as a bellwether of
metal demand.
Commerzbank said it believed China would introduce more measures to stimulate economic development, which would also help build strong demand for metals
.

Here's what closed at the closing price: The March copper contract closed at $2.
2890 a pound, up 5.
75 cents from the previous session, trading in a range of $2.
2570-$2.
2915
.
The May copper contract closed at $2.
2925 a pound, up 5.
85 cents from the previous session, trading in a range of $
2.
2520-$2.
2975.