December futures on the S&P/TSX index were up 0.4% at 6:59 a.m. ET.
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. [.TO]
Gold shone brighter after a retreating dollar made the yellow metal cheaper for consumers, while copper prices rose on demand prospects after three of China's biggest banks agreed to provide support to the country's embattled property sector.[METL/][GOL/]
"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 are pricing in an 88% chance of a 25 basis point hike in the BoC's next meeting on Dec. 7. The policy rate currently stands at 3.75%, the highest since 4% seen in January 2008. [0#BOCWATCH]
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 just how high rates will need to rise to lower inflation.
Meanwhile, U.S. markets were shut for the Thanksgiving holiday. [.N]
COMMODITIES
Gold futures: $1,758.6; +0.74% [GOL/]
US crude: $77.77; -0.33% [O/R]
Brent crude: $84.75; -0.77% [O/R]
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report [.TO]
Canadian dollar and bonds report [CAD/] [CA/]
Reuters global stocks poll for Canada
Canadian markets directory
($1= C$1.33)
(Reporting by Johann M Cherian in Bengaluru; Editing by Maju Samuel)
