September 24, 2009 / 8:43 PM / 9 years ago

CANADA STOCKS-Cautious TSX drops with commodity prices

* TSX falls 231.78 points, or 2 percent, to 11,285.76

* Resource issues lead way lower

* Copper touches lowest level in a month (Adds details, comments and official numbers)

By Scott Anderson

TORONTO, Sept 24 (Reuters) - Toronto’s main stock index ended lower on Thursday, pulled down by falling oil and metals prices as caution returned to the market.

Mining companies led the way lower with gold miner Agnico-Eagle Mines (AEM.TO) falling 4.4 percent to C$69.25, and base metals miner Teck Resources TCKb.TO off 4 percent at C$28.95

The index’s materials group, home to mining shares, fell 2.2 percent as copper corrected to its lowest level in more than a month due to rising metals inventories and weak U.S. housing data. [LO57318]

The S&P/TSX composite index .GSPTSE closed down 231.78 points, or 2 percent, at 11,285.76.

The index’s big energy sector fell 2.5 percent as high U.S. crude oil inventories sparked fears of lower fuel demand.[nSYD509979]

“Investors have become slightly more cautious today,” said said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri. “We are seeing everything that has been going up over the last few weeks suddenly reverse today. Oil is down and the U.S. dollar is up.

“It’s almost as though the good news that we’ve been expecting is not going to be as good. We are returning to a bit of caution and that’s probably a positive.”

$1=$1.09 Canadian Reporting by Scott Anderson; editing by Peter Galloway

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