May 1 (Reuters) - Futures tied to Canada's resource-heavy main stock index traded flat in thin volumes on Friday as investors remained cautious amid elevated oil prices and retreating metal values with no end in sight to the Middle East conflict.
June futures on the S&P/TSX index were up 0.07% at 06:57 a.m. ET (1057 GMT).
Geopolitical tensions escalated on Thursday when Iran warned it would unleash "long and painful strikes" on U.S. positions if Washington renewed attacks, while also reasserting its claim to the Strait of Hormuz.
Oil prices climbed as Iran continued its blockade of the Strait of Hormuz while the U.S. Navy maintained its blockade of Iranian crude exports.
Gold prices retreated under pressure from surging oil costs, which have fueled inflation concerns and reinforced expectations that interest rates will remain elevated longer— a headwind for non-yielding assets.
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE), notched its biggest daily gain in a month on Thursday.
The benchmark rose 3.65% in April, buoyed by tentative hopes of a resolution that helped recoup much of March's losses, and was on track for a weekly gain.
Among corporate news, Air Canada (AC.TO), suspended its 2026 forecast, as higher jet fuel prices due to the war in Iran created uncertainty over costs, even as travel demand remained robust.
Automotive supplier Magna's (MG.TO), first-quarter sales and adjusted profit beat estimates, helped by currency gains.
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Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Joyjeet Das
