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June 5 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday as a rise in copper prices are expected to benefit shares of resource companies.
Worries of a potential supply impact of wage negotiations at Chile’s Escondida mine, the world’s biggest copper mine operated by BHP,, lifted copper prices to a six-week high and above $7,000 a tonne.
Failure to reach a labour deal at the mine during last year’s wage talks led to a 44-day strike, causing a near 8 percent drop in the mine’s annual output.
June futures on the S&P/TSX index were up 0.22 percent at 7:15 a.m. ET.
Labor productivity rate is due at 08:360 a.m. ET
The Toronto Stock Exchange’s S&P/TSX .GSPTSE rose 8.70 points, or 0.05 percent, to 16,052.24.
Dow Jones Industrial Average e-mini futures were up 0.16 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.15 percent and Nasdaq 100 e-mini futures were up 0.23 percent.
ConocoPhillips is preparing to offload its stake in Cenovus Energy Inc, which it acquired as part of an asset sale to the Canadian oil and gas producer last year, people familiar with the matter told Reuters.
The International Monetary Fund (IMF) said on Monday that while Canada’s economy has performed well, it faces significant risks including trade tensions and a potential hit to competitiveness from lower U.S. corporate taxes.
A bus carrying Chinese tourists crashed on Monday on a highway near the Canadian capital of Ottawa, injuring 24 people, including four with life-threatening injuries, police said.
ANALYST RESEARCH HIGHLIGHTS
Calian Group Ltd: Desjardins raises target price to C$39 From C$38
Stella-Jones Inc: CIBC starts with outperformer rating; C$55 price target
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1294.7; fell 0.2 percent
US crude: $64.37; fell 0.59 percent
Brent crude: $74.14; fell 1.53 percent
LME 3-month copper: $7009.5; rose 0.49 percent
U.S. ECONOMIC DATA DUE ON TUESDAY
0945 Markit Composite Final PMI for May: Prior 55.7’0945 Markit Services PMI Final for May: Prior 55.7
1000 ISM N-Manufacturing PMI for May: Expected 57.5; Prior 56.8
1000 ISM N-Manufacturing Business Activity for May: Expected 59.3; Prior 59.1
1000 ISM N-Manufacturing Employment Index for May: Prior 53.6
1000 ISM N-Manufacturing New Orders Index for May: Prior 60.0
1000 ISM N-Manufacturing Price Paid Index for May: Prior 61.8
1000 JOLTS job openings for April: Expected 6.400 mln; Prior 6.550 mln
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Reporting by Debanjan Bose in Bengaluru; Editing by Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles.