Copper rose on Thursday on investor speculation that the U.S. Federal Reserve will decrease borrowing costs next week to give a boost to the economy and in turn, raise demand for the metal.

Metal rose last week after several Fed governors, including Chairman Ben Bernanke noted that the economy had not improved as expected after previous interest rate cuts made to stave off a recession.

Members of the Fed's policy setting Federal Open Market Committee meet on Dec. 11 to decide what to do about the current 4.5 percent benchmark overnight lending rate. The Fed has lowered interest rates by 0.75 percent this year.

Copper futures for March delivery rose 85 cents to $3.0485 per pound or 0.28 percent on the Comex division of the New York Mercantile Exchange. Lending rates have dropped 0.75 percentage point since September.