Canadian stock futures rise on strong copper prices

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On Thursday, investors sentiment was boosted by the strength of prices of copper and gold, as well as the optimism that the U.S. Federal Reserve would soften its monetary tightening trajectory.

The December futures on the S&P TSX index were up 0.4% at 6: 59 a.m. The Toronto Stock Exchange's S&P TSX composite index closed at its highest level in five months on Wednesday, supported by gains in the industrial and technology sectors.

After a retreating dollar made the yellow metal cheaper for consumers, gold shone brighter, while copper prices went up after three of China's biggest banks agreed to provide support to the country's embattled property sector.

"We are getting closer, but we are not there yet," said Bank of Canada Governor Tiff Macklem, as he noted that domestic inflation remained strong and higher interest rates will be needed to cool the economy.

Analysts believe there is an 88% chance of a 25 basis point hike in the BoC's next meeting on December 7. The policy rate is currently at 3.75%, the highest since January 2008, as it stands at 4%.

On Wednesday, minutes from the Federal Reserve's last policy meeting noted that more important than the size of coming rate increases was the need to focus on how high rates will need to rise to lower inflation.

The U.S. markets were shut for the Thanksgiving holiday.