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CANADA STOCKS-TSX futures edge lower as commodity prices drop
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CANADA STOCKS-TSX futures edge lower as commodity prices drop
Jun 4, 2024 4:40 AM

June 4 (Reuters) - Futures for Canada's main stock index

slipped on Tuesday as weakness in copper and oil prices weighed

down on the underlying stocks, while investors awaited the Bank

of Canada's interest rate decision on June 5.

June futures on the S&P/TSX index were down 0.8% at

6:41 a.m. ET (10:41 GMT).

The materials sector is expected be grab the spotlight, with

copper prices dipping below the key mark of $10,000 a metric ton

for the first time in three weeks, as consolidation continued

due to lacklustre demand from top consumer China.

Energy shares, which account for 20% of the Toronto market's

weighting, continued to be in focus as oil prices fell more than

$1 on Tuesday, extending losses from a four-month low in the

previous session.

Investors remained on edge ahead of the Canada's monetary

policy decision due on Wednesday, where the country's central

bank is widely expected to cut interest rates to 4.75%,a Reuters

poll of economists showed.

The yield on the Canadian 10-year benchmark bond

was down at 3.482%.

Among other data, investors will also keep a close eye on

the job openings data, due at 1000 ET, to assess the strength of

the American labor market.

Across the border, the U.S. stock index futures also fell as

doubts over the strength of the economy took hold and investors

awaited more data later in the week to gauge how much growth has

slowed.

The Toronto Stock Exchange's S&P/TSX composite index

had ended lower on Monday as a drop in oil prices

weighed down on energy stocks and offset gains in the

high-dividend paying utilities stocks.

In company news, Fairfax India Holdings Corp ( FFXDF ) on

Monday said Prem Watsa, popularly known as "Canada's Warren

Buffett", will step down as the investment firm's chairman.

COMMODITIES AT 6:41 a.m. ET

Gold futures: $2,340.9; -0.7%

US crude: $72.57; -2.2%

Brent crude: $76.86; -1.9%

($1= C$1.3693)

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