May 7 (Reuters) - Futures for Canada's main stock index

were muted on Tuesday, as declines in oil and gold prices were

offset by reviving investor hopes of central banks cutting

interest rates later in the year.

June futures on the S&P/TSX index were up 0.1% at

6:40 a.m. ET (10:40 GMT).

Oil prices were steady as weakness in the physical market

countered concerns about a Middle East conflict as Israel

stepped up attacks in southern Gaza and a ceasefire deal between

Hamas and Israel hung in the balance.

Gold prices slipped on a firmer dollar, while copper prices

pushed towards two-year highs as focus returned to tight

supplies and hopes of stronger demand in top consumer China.

Meanwhile, futures tracking the S&P 500 and Dow edged higher

on Tuesday in the U.S. after Wall Street closed higher on Monday

in its third session of advances.

Investor sentiment was buoyed after data showed on Friday

that U.S. job growth had slowed in April, and annual wage gains

had cooled, adding to bets of a September rate cut by the Fed.

Furthermore, New York Fed President John Williams said on

Monday that the central bank's next move would be to likely

lower rates at some undefined point.

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

also ended 1.42% higher on Monday, closing at its

highest in over three weeks and logging its best day in nearly

three months.

On the corporate front, quarterly earnings will pick up more

pace with Ballard Power Systems ( BLDP ) among others set to

report their figures before the bell on Tuesday.

COMMODITIES AT 6:40 a.m. ET

Gold futures: $2,323; -0.4%

US crude: $78.32; -0.2%

Brent crude: $83.14; -0.2%