CANADA STOCKS-Toronto index may fall as commodity prices ease
TORONTO May 5 (Reuters) - Toronto's main stock index may dip at the open on Tuesday as underlying weakness in commodity prices may prompt the energy and materials groups to fall.
The TSX may also take cues from U.S. stock index futures, which pointed to a slightly lower open on Tuesday with investors set to take profits after a recent runup. [ID:nN05453425]
The S&P/TSX composite index .GSPTSE ended Monday's session up 373.41 points, or 3.93 percent, at 9,870.37, its highest level since Nov. 10. The index is up 30 percent since early March.
Meanwhile, world stocks raced to their highest level in almost four months. [ID:MKTS/GLOB]
Here are some of the factors that may affect the market.
Oil eased towards $54 a barrel as forecasts that U.S. crude inventories probably rose from their highest level in almost two decades countered optimism about economic recovery. The pullback came a day after a series of positive economic indicators lifted oil to $54.64 in post-settlement trade, just shy of its 2009 high. [ID:nSP351504]
Gold dipped, reversing earlier small gains, as firmer equity markets and a recovery in the dollar weighed on the precious metal. However, caution ahead of the results of U.S. bank stress tests later this week and worries over the inflation outlook are continuing to support the metal. [ID:nL5940538] Continued...