COMEX copper pared some gains on Thursday following a sharp surge in the previous session that took the red metal near a one-month high. The counter spiked by 3.82% on Wednesday amid reports that Chilean producer Codelco offered record-high prices to Chinese buyers, signaling a potential shift to prioritize US consumers. Besides, weakness in dollar amid rising expectations of a December Federal rate cut is also supporting the commodity. Meanwhile, positive cues from equities capped downside for the red metal. Sentiment in Asian markets improved and benchmarks closed higher on Thursday tracking the tech rally in Wall Street the day before. Renewed optimism about a Federal Reserve rate cut in December catalyzed the market moves. The STOXX 50 slipped 0.2% and the STOXX 600 edged down 0.1% on Thursday, as investors paused after three consecutive sessions of gains including nearly a 1% rise the previous day, driven by growing expectations that the Fed will cut the fed funds rate again next month. Currently, the counter is quoting at $5.16 per pound, down 0.64% on the day. On the MCX, copper futures are holding around Rs 1020 per kg.

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