March futures on the S&P/TSX index were up 0.1% at 7:07 a.m. ET (11:07 GMT).
Energy shares could see another day of gains as oil prices climbed, supported by strong demand in the U.S. after gasoline stocks hit a three-month low and crude stockpiles dropped unexpectedly. [O/R]
Materials sector, which houses precious and base metals miners and fertilizer companies, will be in focus as the most-traded May copper contract on the Shanghai Futures Exchange jumped as much as 3.5% to hit its highest since May 2021.
Meanwhile, gold prices fell on Thursday, hit by a firmer U.S. dollar and elevated Treasury yields, while traders awaited more U.S. data that could steer hopes for a mid-year rate cut by the Federal Reserve.
The Toronto Stock Exchange's S&P/TSX composite index ended at its highest closing level since April 2022 on Wednesday. [.TO]
Canada stocks have risen this year so far benefiting from higher commodity prices and the continued expectation that central banks will move this year to lower interest rates.
Bank of Canada kept its overnight rate unchanged earlier this month but money markets expect it to cut rates by 68 basis points in 2024.
Across the border, U.S. futures rose before the February producer prices data due at 8:30 a.m. ET, which will offer insights into the timings of a potential rate cut by the Fed. [.N]
In company news, the U.S. Department of Energy has granted Vancouver-based Lithium Americas a conditional commitment loan of $2.26 billion to finance the construction of its Thacker Pass project in Nevada.
Its U.S.-listed shares rose 17.6% to $6.74 in premarket trading.
COMMODITIES AT 7:07 a.m. ET
Gold futures: $2,175.2; -0.3% [GOL/]
US crude: $80.34; +0.8% [O/R]
Brent crude: $84.52; +0.6% [O/R]
($1= C$1.3464)
(Reporting by Shubham Batra in Bengaluru; Editing by Vijay Kishore)
