CANADA STOCKS-TSX futures rise on first trading day of 2026 as precious metal prices rebound

Jan 2 (Reuters) - Futures tied to Canada's main equity index kicked off 2026 on a positive note on Friday, supported by rebounding precious metal prices as geopolitical tensions and U.S. rate-cut hopes boosted appetite for bullion.

March futures on the S&P/TSX index SXFcv1 were up 0.7% as of 6:53 a.m. ET.

The benchmark TSX .GSPTSE ended 2025 with its best annual performance since 2009 as metal prices soared, closing almost 29% higher and beating major U.S. stock indexes. The materials sub-index doubled in value over the year, while the heavyweight financial sector provided additional support following robust earnings reports from Canada's "Big Six" banks.

A year-end pullback in precious metals and falling miners' shares saw the index decline for a fourth consecutive day on Wednesday, with the TSX still on track for its worst weekly performance since early November.

However, Gold XAU= prices bounced back on Friday, rising 2%, while silver XAG= advanced 4.6%.

Oil LCOc1, CLc1 steadied as investors weighed oversupply concerns against geopolitical risks, including the war in Ukraine and uncertainty around Venezuelan exports.

Investors also await S&P Global manufacturing PMI data, scheduled for release at 9:30 a.m. ET. The previous report showed that Canada's manufacturing sector contracted at an accelerated pace in November, with trade uncertainty continuing to hamper output and new orders.

In corporate updates, Capstone Copper CS.TO said that a union representing about half the workers at its Mantoverde copper and gold mine in Chile, roughly 22% of its total workforce, will launch a strike on Friday.

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