TSX futures rise on boost from gold, copper prices
July 4 (Reuters) -Futures for Canada's main stock index rose inthin trading volumes on Thursday as gold and copper prices increased, while investors awaited U.S. jobs data later in the week to gauge the timing of the first rate cutby the Federal Reserve.
S&P/TSX 60 futures SXFcv1 were up 0.28% by 07:12 a.m. ET (1112 GMT). U.S. markets were closed on account of country's Independence Day, resulting in lesser volumes of trade.
The materials sector is expected to be in focus as gold prices XAU= hit a near two-week high, after U.S. economic data fueled hopes of interest rate cuts in September.
Separately, copper prices lifted against a weaker dollar, but poor economic data kept gains in check. MET/L GOL/
The energy sector was set for a dull start as oil prices dropped after weaker U.S. jobs and business data hinted at a probable decline in demand outlook in the world's largest economy. O/R
Canada's benchmark index .GSPTSE closed at a four-week high on Wednesday.
All eyes will be on Friday's non-farm payrolls data that will provide a fresh trigger for markets to recaliberate rate expectations, especially after softer-than-expected private payrolls and higher weekly jobless claims on Wednesday.
Market participants are pricing in a 72.5% chance of rate cuts by the Fed in September. Meanwhile, the Bank of Canada (BOC), that typically mirrors the Fed, has traders seeing a 42.5% likelihood of rate cuts in July. 0#FEDWATCH, 0#BOCWATCH
In corporate news, Orla Mining OLA.TO filed a request for arbitration against the Government of Panama under the Canada-Panama Free Trade Agreement (FTA), seeking damages of no less than $400 million.
Meanwhile, Toronto area home sales rose in June after four straight months of decline.
COMMODITIES
Gold XAU=: $2358.87; +0.12% GOL/
US crude CLc1: $83.44; -0.5% O/R
Brent crude LCOc1: $87.94; -0.4% O/R
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/ CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1 = 1.3623 Canadian dollars)
Reporting by Nikhil Sharma in Bengaluru
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