Futures Rebound: Resource Sector Supports, Canadian Stocks Maintain Strong Tone
In the latest trading session, futures of stock indexes with a higher commodity weight in Canada rose slightly. The S&P/TSX 60 index futures contracts climbed approximately 0.6% around 19:09 Beijing time. Meanwhile, the Toronto Composite Index closed at a new record of 33,144.98 points in the previous trading day, with a weekly gain of about 0.3%.
The core driving force in the market comes from the materials sector, especially metal mining stocks. The strengthening of metal prices briefly overshadowed tariff-related noise, encouraging funds to take long positions around the resource chain.
Metal Market: Gold Surpasses $5100, Silver Sets New High and Amplifies Flexibility
Precious metals have become the engine of the current market sentiment. Gold prices broke the $5100 per ounce mark, and silver also reached a new historical high, reinforcing the narrative of "safe-haven assets + structural shortages."
In terms of pace, gold rose over 8% last week, with gains nearing 17% this year. Institutional opinions suggest that geopolitical risks, central bank gold purchases, and tight supply jointly provide support; silver is likely to experience greater volatility given physical market tightness and industrial demand.
Risk Factors: Tariff Comments Heat Up, Market Awaits Federal Reserve and Earnings-packed Week
On a macro level, investors still need to digest new signals of trade friction. Reports indicate that U.S. President Trump warned of imposing high tariffs on Canadian goods if Canada advances trade arrangements with China; Canadian Prime Minister Carney responded by stating no intention to reach a free trade agreement with China, emphasizing commitments under the USMCA framework.
Meanwhile, U.S. stock index futures were weak near flat, with the market preparing for the Federal Reserve policy meeting and a series of corporate earnings releases. After consecutive interest rate cuts, it is widely expected that the Federal Reserve will hold rates steady this time.
Oil Price Fluctuations: Iranian Tensions and Winter Storms Disrupt Supply
Aside from metals, the energy sector is also providing sources of volatility. Brent and WTI fluctuated slightly around $65 and $61, respectively; both benchmark crude oils saw weekly gains of about 2.7%, reaching new interim highs. The market is also assessing the impact of U.S.-Iran tensions and U.S. winter storms on oil and natural gas production.
