TSX set to start week lower as precious metals weigh

Canada’s main stock index was set to open lower on Monday as futures of the commodity-heavy bourse tracked weaker precious metal prices.

June futures on the S&P/TSX index were down 0.1% at 7:26 a.m. ET.

Contracts tied to gold and silver prices edged lower after U.S. employment data in the previous week pointed to a still-strong labour market, raising expectations of another interest rate hike by the Federal Reserve in May.

Oil prices were marginally up on tight supply hopes, amid investor concerns over global growth.

Canadian miner Teck Resources Ltd (TECKb.TO) said Glencore’s (GLEN.L) bid for it was “not actionable and bad” for shareholders, while recommending that they vote for its own restructuring plan instead.

Entrepreneur Pierre Lassonde said he was planning to buy a blocking stake in Elk Valley Resources, the steel-making coal unit to be spun off by Teck, as per a report over the weekend.

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