May 8, 2017 / 11:48 AM / 3 months ago

CANADA STOCKS-Oil, commodity prices weigh on TSX futures

3 Min Read

May 8 (Rueters) - Stock futures pointed to a lower opening for Canada's main stock index on Monday, weighed down by lower commodity prices.

Copper prices slid to a four-month low after data showed a sharp drop in imports in April into China, the world's biggest consumer.

Prices of aluminium, nickel, zinc and lead were also lower by between 0.5 percent and 1.2 percent.

Oil prices were little changed, but hovered near six-month lows as talks to extend a supply cut deal did little to soothe concerns about a glut amid a boom in U.S. drilling.

June futures on the S&P TSX index were down 0.25 percent at 7:15 a.m. ET.

On Friday, a rebound in commodity prices, especially oil, helped Canada's benchmark stock index notch its biggest advance in more than two months.

Dow Jones Industrial Average e-mini futures were up 0.1 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.06 percent and Nasdaq 100 e-mini futures were down 0.04 percent.

A report later in the day is expected to show Canadian housing starts slipped modestly in April, compared with March, but remained relatively robust.

(Morning News Call newsletter here ; The Day Ahead newsletter here)

Top Stories

Canada's Hudson's Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter.

Home Capital Group Inc, Canada's biggest non-bank mortgage lender, said the balance in its high-interest savings accounts (HISA) is expected to slump to about C$192 million ($140 million) on Monday, down 50 percent from a week ago.

Analyst Research Highlights

Autocanada Inc: CIBC cuts target price to C$19 from C$20

BCE Inc: JP Morgan raises target price to C$66 from C$64

Canadian Tire Corp:Barclays raises target to C$180 from C$167; rating overweight

COMMODITIES AT 7:15 a.m. ET

Gold futures: $1234; +0.75 percent

US crude: $46.25; +0.06 percent

Brent crude: $49.09; -0.02 percent

LME 3-month copper: $5492.5; -1.66 percent

u.s. Economic Data Due on Monday

1000 Employment Trends for Apr: Prior 131.4

For Canadian Markets News, Click on Codes:

TSX market report

Canadian dollar and bonds report

Reuters global stocks poll for Canada

Canadian markets directory ($1= C$1.37) (Reporting by Nikhil Kumar in Bengaluru; Editing by Savio D'Souza)

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