CANADA STOCKS-TSX futures fall as US economic woes weigh on commodities

May 1 (Reuters) - Futures for Canada's commodity-heavy main stock index fell on Thursday, reflecting a decline in oil and gold prices as a contraction in the U.S. economy heightened fears of weakening demand.

June futures on the S&P/TSX index .SXFcv1 were down 0.2% at 6:27 a.m. ET (1027 GMT).

On Wednesday, data showed the U.S. economy contracted in the first quarter for the first time in three years, while several companies have cut or even withdrawn financial forecasts amid a highly uncertain environment.

Canada's GDP data was also downbeat, adding to investor concerns about trade and the economy amid U.S. President Donald Trump's erratic tariff policies.

The TSX had edged lower on Wednesday, as investors assessed U.S. gross domestic product data for signs of trade tariffs upending the global economy.

In commodities, gold fell more than 1% to a two-week low as appetite for the safe-haven asset weakened amid potential easing of trade tensions between the U.S. and China, with a stronger dollar also dragging it.

Meanwhile, oil prices extended losses after a steep decline the previous session due to indications that Saudi Arabia, the world's largest crude exporter, could increase production and a contraction in the U.S. economy, the world's top oil consumer.

However, London copper edged up on Thursday.

U.S. ISM manufacturing data is due later in the day, while Friday has the monthly round of closely watched non-farm payrolls data.

In corporate news, Alimentation Couche-Tard (ACT) ATD.TO and Japan's Seven & i 3382.T said they have signed a non-disclosure agreement that will give the Canadian company access to the Japanese retailer's financial data as it seeks a $47 billion acquisition.

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