July 12, 2010 / 12:59 PM / 9 years ago

CANADA STOCKS-TSX may open lower on weaker metal, oil prices

July 12 (Reuters) - Toronto’s main stock index could open lower on Monday, tracking weaker oil and metal prices, after crude futures fell following a week of gains and weekend data showed China’s June copper imports fell short of expectations.

Wall Street is also set to open lower as markets take a breather after posting its best weekly gains in a year, ahead of Alcoa’s (AA.N) results after market close, kicking off the second-quarter reporting season. [.N]

Canadian equity futures also pointed to a lower start. <0#SXF:>

European shares drifted lower, with miners down although asset disposal reports lifted oil major BP (BP.L).

Asian stocks rose as investors largely shrugged off the chance that Japan may be trapped in a policy gridlock after the ruling government lost a key poll on Sunday.

Here is some news that could affect stock prices:


U.S. crude oil futures fell to around $75 per barrel on Monday, consolidating after a week of gains and ahead of quarterly U.S. company earnings and key macro-economic data. [O/R]


Copper prices fell more than 1 percent in London on Monday after the world’s top metals consumer China reported a drop in copper imports for the third straight month in June, casting shadows on the demand outlook. [MET/L]


Gold slipped in Europe on Monday, surrendering some of the previous session’s more than 1 percent gains, as the dollar firmed and investment flows into the metal dried up as concerns over euro zone risk receded. [GOL/]


The Canadian dollar extended gains against the greenback on Monday on heightened expectations that the Bank of Canada will raise interest rates again this month following last week’s standout employment report. [CAD/]

Canadian stocks to watch include:


Canada’s Pengrowth Energy Trust PGF_u.TO said on Monday it agreed to buy the remaining 82 percent it does not already own in Monterey Exploration Ltd MXL.TO for about C$336 million ($325.6 million), to get access to gas reserves in northeast British Columbia. Pengrowth said it will also assume C$30 million of Monterey’s net debt as at June 30. [ID:nSGE66B0DB]


United Steelworkers members at Cameco Corp’s (CCO.TO) conversion facility in Port Hope, Ontario, have voted in favor of new three-year contracts with the uranium producer. [ID:nN09111384]


Canada’s largest oil and gas drilling contractor Precision Drilling Corp (PD.TO) Monday named Robert McNally as chief financial officer, and said its current CFO Doug Strong will become president of completion and production services. [ID:nSGE66B0D5]


Research in Motion RIM.TO RIMM.O, maker of BlackBerry smartphone, said on Friday it is preparing to launch an applications store and consumer Internet services in China as part of its push into the world’s top mobile market. [ID:nN09260322]


Canada’s Sernova Corp (SVA.V) said on Monday its experimental glucose-control device showed safety and efficacy in a pre-clinical study in pigs that were made diabetic. [ID:nSGE66B0DQ]


Following is a summary of research actions on Canadian companies reported by Reuters. [RCH/CA]

* Churchill CUQ.TO price target raised to C$26 from C$25; rating strong buy at Raymond James

* Consolidated Thompson CLM.TO price target raised to C$12 from C$10.25; rating outperform at Raymond James

* Gammon Gold Inc GAM.TO price target cut to C$7.05 from C$8.40; rating hold at Cannacord Genuity

* Legacy Oil LEG.TO price target raised to C$16 from C$15.50; rating strong buy at Raymond James

* Zenn Motor ZNN.V coverage started with hold rating at Stifel

$1=$1.03 Canadian Reporting by Bangalore newsroom, editing by Bhaswati Mukhopadhyay and Jeffrey Hodgson

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