Canada Stocks: TSX futures fall as commodity rout continues

Capstone Copper

02/02/2026 11:14

Feb 2 (Reuters) - Futures linked to Canada's main stock index fell on Monday, pressured by a broad commodities selloff, as precious metals extended losses and oil prices slipped after U.S. President Donald Trump signaled de-escalation with Iran.

March futures on Toronto's S&P/TSX Composite Index SXFcv1 were down 0.42% as of 5:45 a.m. ET, pointing to a dour start to February after the benchmark .GSPTSE registered its ninth straight monthly advance the previous month, its longest winning streak since 2017.

The TSX on Friday recorded its biggest single-day drop since April, as gold prices and mining stocks plunged after Trump picked Kevin Warsh, often viewed as hawkish, to succeed Jerome Powell as the next Federal Reserve chair.

Spot gold XAU= continued its fall on Monday, down 4.2%, after dropping more than 5% earlier in the session to a two-week low. Silver XAG= declined 5% as top commodity exchange CME Group raised margin requirements after the collapse in metals prices last week, while copper retreated from a record high.

Oil prices also retreated, after Trump said on Saturday that major crude producer Iran was "seriously talking" with Washington. Brent crude futures LCOc1 and U.S. West Texas Intermediate crude CLc1 were down more than 4.5% each.

Trump, after threatening Canada with a 100% tariff last week, said on Saturday that the U.S. would respond in a significant way if the country proceeds with its trade agreement with China.

Meanwhile, Capstone Copper CS.TO said on Monday that it has resumed operations at its Mantoverde mine in northern Chile, even as a strike by a labor union representing nearly 22% of its workforce continued.

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(Reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Jonathan Ananda)

((utkarshtushar.hathi@thomsonreuters.com))