CANADA STOCKS-TSX edges lower on weaker commodities

Mon Jul 12, 2010 11:07am EDT
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*TSX down 20.06 points at 11,550.39

*Energy, base-metals shares lead index lower (Updates with prices, commentary)

By Claire Sibonney

TORONTO, July 12 (Reuters) - Toronto's main stock index edged lower on Monday morning as soft commodity prices weighed on resource shares and investor optimism after last week's rally.

U.S. crude oil futures fell below $76 a barrel, consolidating after a week of gains and ahead of U.S. quarterly earnings and key macroeconomic data, pushing down the index's energy group by 0.3 percent.

Suncor Energy SU.TO was down 0.1 percent at C$33.04, and Canadian Oil Sands Trust COS_u.TO shed 0.7 percent to C$27.42.

Copper prices fell after China, the world's top metals consumer, reported a drop in copper imports for the third straight month in June, casting a shadow on the demand outlook and pushing base-metal mining shares down 0.7 percent. [MET/L]

Teck Resources TCKb.TO fell 1.6 percent to C$35.02, while Inmet Mining IMN.TO lost 2.5 percent to C$46.08.

"We've opened strangely. I think the market is showing some mistrust of where we ought to be," said Fred Ketchen, director of equity trading at ScotiaMcLeod.   Continued...