Reuters reported that London copper rose rebounding from near 1 week lows hit in the previous session as investors looked to Europe for more easing measures after the US Federal Reserve dashed hopes by deferring fresh monetary stimulus.

The Fed stopped short of offering new monetary stimulus on Wednesday even as it signalled more strongly that further bond buying could be in store to help a U.S. economic recovery that it said had lost momentum this year.

Investors are now focusing on the policy meeting of the European Central Bank later in the day with expectations for bold actions after the bank's president Mario Draghi pledged to do everything within the bank's mandate to hold the euro zone together.

Shanghai based commodities analyst Mr Judy Zhu of Standard Chartered said that "I don't see the market going anywhere for the moment. The market is still waiting for the ECB and US jobs data tomorrow. But the situation here is still very bearish."

Three month copper on the London Metal Exchange rose 0.50% to USD 7,462 per tonne by 0700 GMT reversing some losses from the previous session when prices hit USD 7,421.50 per tonne the lowest since July 26th 2012. Prices have shed almost 15% from highs seen in February this year.

Traders said that gains in metals stemmed from short covering with only bits and pieces of bargain hunting by consumers. Last night was a fizz in the end. We have seen small amounts of consumer buying on copper but nothing special and some Chinese taking back shorts. I think this is very neutral ground ahead of the ECB.