TSX futures tick up on strength in commodities

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(Reuters) – Futures for Canada’s main stock index inched upwards on Monday, indicating an upbeat start to the week, as copper prices moved higher, while investors await key economic data scheduled for later in the week to assess the interest rate cut trajectory for this year.

June futures on the S&P/TSX index were up 0.2% at 7:05 a.m. ET (11:05 GMT).

Higher crude prices could lift the energy index at open, while materials index is expected to see a rise, tracking copper prices, which are at a two-year high, on expectations of strong demand growth and hopes for cuts to U.S. interest rates.

Investors will have their eye on a tranche of data from the U.S., scheduled for later this week including the consumer prices data, April retail sales and weekly jobless claims investor focus.

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Canada’s wholesale trade and manufacturing sales figures for March will also be on inverstor’s radar.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 66.9 points, or 0.3%, at 22,308.93 on Friday, after it touched an intraday record high. [.TO]

Dow e-minis up 0.07% at 7:05 a.m. ET, while S&P 500 e-minis were up 0.14% and Nasdaq 100 e-minis were up 0.25%. [.N]

COMMODITIES AT 7:05 a.m. ET

Gold futures: $2,349.6; -1.1% [GOL/]

US crude: $78.69; +0.6% [O/R]

Brent crude: $83.16; +0.5% [O/R]

($1= C$1.3676)

(Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid)