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.
The S&P/TSX Composite Index stayed afloat 8.7 points to close Monday at 16,052.24
The Canadian dollar dipped 0.34 cents to 77.02 U.S. early Tuesday
June futures progressed 0.2% Tuesday
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.
Desjardins raised the target price on Calian Group to $39 From $38
CIBC starts coverage on Stella-Jones with an outperform rating, and a $55.00 price target
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% drop in the mine's annual output.
The International Monetary Fund 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.
ON BAYSTREET
The TSX Venture slumped 4.18 points Monday to 761.76
ON WALLSTREET
U.S. stock index futures saw minor gains ahead of the open, as markets overseas showed a relatively mixed to positive picture on Tuesday.
Futures for the Dow Jones Industrials fell two points to 24,794
S&P 500 futures inched up 0.5 points to 2,746, while futures for the NASDAQ composite index gained 7.5 points, or 0.1%, to 7,155.75
In earnings, Ambarella is scheduled to publish its latest corporate earnings after the bell.
In data, the services purchasing managers' index is due out at 9:45 a.m. ET, followed at 10 a.m. ET by data including non-manufacturing Institute for Supply Management report on business, the job openings and labour turnover survey (JOLTS), and the quarterly financial report.
In Japan, the Nikkei 225 gained 0.3%, while in Hong Kong, the Hang Seng Index picked up 0.3% Tuesday, while stocks in Europe fluctuated during its morning trade.
Oil prices faded 37 cents to $64.38 U.S. per barrel.
Gold prices dropped 70 cents to $1,296.60 U.S. an ounce.
