COMEX copper is seen losing momentum under $5.4 mark on Thursday following a near 3% gain in the previous session. The recent rally in the red metal came largely on the back of an expected US Fed rate cuts, dollar depreciation, and improving China growth expectations. However, a sharp surge in LME Copper inventories to a six month high likely capped gains in the commodity. Inventories jumped 350 tonnes to 162150 tonnes yesterday. Meanwhile, European stocks were broadly higher on Thursday as weak U.S. private payrolls data fueled bets on an interest rate cut by the Federal Reserve next week. The pan European Stoxx 600 rose 0.4 percent to 578.31 after gaining 0.1 percent on Wednesday. The German DAX surged 0.8 percent and France's CAC 40 gained 0.4 percent while the U.K.'s FTSE 100 was down 0.1 percent. Currently, the counter is quoting at $5.35 per pound, down 0.67% on the day. MCX copper is also down 0.34% at Rs 1072.90 per kg.

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