Canada Stocks: TSX set to start week lower as precious metals weigh

Kelt Exploration

10/04/2023 13:02

April 10 (Reuters) - Canada's main stock index was set
to open lower on Monday as futures of the commodity-heavy bourse
tracked weaker precious metal prices.
    June futures on the S&P/TSX index  SXFc1  were down 0.1% at
7:26 a.m. ET.
    Contracts tied to gold and silver prices edged lower after
U.S. employment data in the previous week pointed to a
still-strong labour market, raising expectations of another
interest rate hike by the Federal Reserve in May.  GOL/   MET/L 
    Oil prices were marginally up on tight supply hopes, amid
investor concerns over global growth.  O/R 
    Canadian miner Teck Resources Ltd  TECKb.TO  said Glencore's
 GLEN.L  bid for it was "not actionable and bad" for
shareholders, while recommending that they vote for its own
restructuring plan instead.
    Entrepreneur Pierre Lassonde said he was planning to buy a
blocking stake in Elk Valley Resources, the steel-making coal
unit to be spun off by Teck, as per a report over the weekend. 
    Brokerage Scotiabank upgraded Kelt Exploration Ltd  KEL.TO 
to "sector outperform" from "sector perform".
    Later in the week, investors await the Bank of Canada's
decision on further monetary tightening. Market participants and
analysts largely expect the central bank to retain the benchmark
rate at 4.5%.  0#BOCWATCH 
    On Thursday, the Toronto Stock Exchange's S&P/TSX composite
index  .GSPTSE  ended 0.2% up, as nine of the 10 major sectors
climbed. Canadian markets were closed on Friday on account of
Good Friday.  .TO 
    Dow e-minis  1YMcv1  were up 29 points, or 0.09%, at 7:24
a.m. ET, while S&P 500 e-minis  EScv1  were down 2.5 points, or
0.06%, and Nasdaq 100 e-minis  NQcv1  were down 47 points, or
0.36%.  .N 
     
    COMMODITIES AT 7:00 a.m. ET 
    Gold futures  GCc2 : $2,008.6; -0.4%  GOL/ 
    US crude  CLc1 : $80.85; +0.1%  O/R 
    Brent crude  LCOc1 : $85.24; +0.1%  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  EQUITYPOLL1 
 EPOLL/CA 
    Canadian markets directory  CANADA 

($1 = 1.3492 Canadian dollars)

 (Reporting by Johann M Cherian in Bengaluru; Editing by Pooja
Dedai)
 ((johann.mcherian@thomsonreuters.com;))