CANADA STOCKS-Weak commodity prices may knock TSX lower at open

Fri May 15, 2009 8:10am EDT
 
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TORONTO May 15 (Reuters) - Toronto's main stock index is set to open lower on Friday as soft commodity prices may pressure the resource-heavy index.

The Toronto Stock Exchange S&P/TSX composite index.GSPTSE closed up 139.69 points, or 1.44 percent, at 9,849.20 on Thursday. The rebound comes after the TSX posted its first three-day retreat in more than a month.

The trading session may be restrained as market players gear up for a long weekend with Victoria Day in Canada. The TSX will be closed on Monday.

Here are some of the stories that may affect the market:

OIL

The U.S. oil price fell more than $1 to below $58, pressured by weak demand and as the U.S. dollar firmed against the euro. U.S. oil hit a six-month high above $60 a barrel on Tuesday, before weak demand outlooks halted the recent rally. [ID:nSIN460588]

GOLD

Spot gold XAU= was steady on Friday, with prices restrained as economic jitters after poor German growth figures vied with firming global share prices ahead of key U.S. inflation data. [ID:nLF404760]

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