CANADA STOCKS-TSX's record-setting rally pauses ahead of central bank decisions

By Fergal Smith

Sept 16 (Reuters) - Canada's major stock index pulled back on Tuesday from a record high, as metal mining and consumer-related shares lost ground ahead of policy decisions from the Bank of Canada and the Federal Reserve.

The S&P/TSX composite index .GSPTSE ended down 115.79 points, or 0.4%, at 29,315.23, after posting a record closing high on Monday.

"The market is taking a bit of a breather - it has been a long rally," said Christine Tan, a portfolio manager at SLGI Asset Management. "Just waiting for what happens on rate cuts tomorrow."

Both the Fed and the BoC are expected to lower interest rates on Wednesday after recent data both sides of the border showed weakening labor markets.

"Some of the data, in Canada especially, on the jobs side has been very weak," Tan said.

Adding to rate-cut expectations, Canadian consumer prices increased at an annual rate of 1.9% in August, falling short of the 2% pace that economists had forecast.

The materials group, which includes fertilizer companies and metal mining shares, lost 1.9%, giving back some recent gains.

Canadian Industry Minister Melanie Joly said she will be meeting the CEOs of Anglo American AAL.L and Teck Resources Ltd TECKb.TO next week to discuss their proposed merger. Shares of Teck, a major copper producer, ended 4.3% lower.

Consumer staples fell 0.7% and consumer discretionary ended 0.9% lower.

Just two of 10 major sectors ended higher, including energy. It was up 2.5% as the price of oil settled 1.9% higher at $64.52 a barrel.

Traders weighed the possibility that Russian oil supplies may be disrupted by Ukrainian drone attacks on its ports and refineries.

Air Canada AC.TO said the union representing its flight attendants has requested a cancellation of mediation after members voted against a wage agreement earlier this month. The airline's shares were down 0.4%.