MUMBAI, Dec 16 (Reuters) - India copper futures extended gains on Wednesday afternoon as the dollar dipped overseas, and investors awaited the Federal Reserve's policy statement for fresh leads, analysts said. The most-traded February copper contract MCCG0 was 1.08 percent higher at 326.95 rupees per kg at 3:30 p.m., recovering from an intra-day low of 323.5 rupees. "Base metals complex is currently supported by a weaker dollar," said Praveen Singh, an analyst with Sharekhan Commodities. The dollar index .DXY was 0.11 percent lower at 76.880. A weak U.S. currency lifts dollar-denominated commodities by making it cheaper for investors outside the U.S. "If U.S. housing starts data is supportive, copper could test 333 rupees today," said Singh. The FOMC is widely expected to leave rates unchanged at historic lows, but its accompanying statement will be closely eyed for clues as to future policy. [ID:nN13200680] "It would be wait and watch strategy now, but copper could find resistance at 330 rupees," said Somnath Dey, in charge, metals and energy research with Religare Commodities. In other base metals, zinc December MZIZ9 was 2.41 percent higher at 110.45 rupees per kg, while lead for December delivery MLDZ9 was 1.33 percent higher at 110.30 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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