April 7 (Reuters) – Futures tracking Canada’s resources-heavy stock index edged higher on Tuesday as gold prices gained following Iran’s refusal to reopen the Strait of Hormuz ahead of U.S. President Donald Trump’s deadline to meet his demands.
June futures on the S&P/TSX index were up 0.1% at 5:29 a.m. ET (9:29 a.m. GMT).
Iran rejected the United States’ proposal for an immediate ceasefire and reopening the Strait of Hormuz.
Spot gold gained 0.9%, and silver rose 0.3%, while copper prices also rose on prospects of strong China demand.
Iran’s response included 10 clauses including an end to conflict in the region, a protocol for safe passage through the Strait and lifting of economic sanctions.
Brent crude futures eased from session highs to near $110 a barrel, and U.S. West Texas Intermediate crude traded above $112.
Canada’s Ivey Purchasing Managers Index (PMI) data for March due later this morning.
The benchmark stock index (.GSPTSE), closed at a near four-week high on Monday on hopes for a potential end to the war in the Middle East.
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Reporting by Utkarsh Tushar Hathi; Editing by Tasim ZAhid
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