COMEX copper set for monthly gain of nearly 2%
COMEX copper futures are holding around a one-month high amid lack of cues from US markets that remain closed on account of Thanksgiving. Asian stocks turned in a mixed performance on Friday as China industrial profits data disappointed and China Vanke proposed to delay repayment of an onshore bond, rekindling worries about China's property market. In Europe, both the STOXX 50 and the STOXX 600 hovered around the flatline on the final trading day of a volatile November, as the recent rally in global equities showed signs of losing momentum. FTSE 100 traded higher on Friday, outperforming a weaker European market thanks to gains in energy stocks and miners. Germany's DAX traded slightly below the flatline around 23,740 on Friday, on profit booking after four consecutive sessions of advances. In the meantime, mild rebound in dollar index is weighing on the red metal after a near 4% gain on Wednesday alone. Currently, the counter is quoting at $5.18 per pound, down 0.19% on the day and set for a weekly gain of over 3% and for the month of November, up almost 2%. On the MCX, copper futures are trading higher at Rs 1023 per kg.
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