Feb 17 (Reuters) - Futures tracking Canada's main stock index edged lower on Tuesday as precious metal prices retreated, while investors awaited January inflation data due later in the morning.
March futures on S&P/TSX composite index fell 0.18% as of 5:40 a.m. ET.
Toronto's benchmark index jumped 1.9% on Friday, as softer-than-expected U.S. inflation data raised prospects of Federal Reserve interest rate cuts, lifting commodity-linked shares.
Spot gold fell 1.4% and silver dropped 2.8%, pressured by thin trading volumes with major Asian markets shut for Lunar New Year holidays, and North American markets closed on Monday. A stronger U.S. dollar also pressured the prices. [GOL/]
Brent crude futures fell 0.55%, as traders assessed the supply outlook after Iran conducted naval drills near the Strait of Hormuz. Tuesday's nuclear talks between Iran and the U.S. will bring more clarity. [O/R]
U.S. West Texas Intermediate crude was up 0.83%, including all of Monday's price action as the contract did not have a settlement that day due to the Presidents Day holiday.
Investors will focus on Canada's January inflation data, due at 8:30 a.m. ET on Tuesday.
Meanwhile, Prime Minister Mark Carney appointed Janice Charette as the next chief trade negotiator for the U.S.
In corporate news, miner Wheaton Precious Metals said it has signed a silver streaming agreement worth $4.3 billion with BHP Group. BHP will deliver silver from its share of output at Peru's Antamina mine.
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(Reporting by Utkarsh Tushar Hathi; Editing by Sahal Muhammed)
