Dec 27 (Reuters) - Futures tied to Canada's resources-heavy main stock index indicated a higher open on Wednesday as prices of iron ore and most base metals advanced, driven by upbeat Chinese data heading into the last few trading days of the calendar year.
March futures on the S&P/TSX index were up 0.5% at 7:12 a.m. ET (1212 GMT), while their U.S. counterparts were subdued.
Prices of most base metals and iron ore advanced as market participants reacted to robust industrial data in China amid the expectation of economic stimulus and robust demand.
Gold prices hovered near their highest level in almost three weeks, while crude oil prices edged lower after rallying in the previous session.
Energy and materials companies combined make up just over 30% of the benchmark Canadian stock index, according to LSEG data.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended the previous session higher, coming off its second straight weekly gain.
Trading is expected to be light as traders return from an extended Christmas break, with only a few trading days left in 2023.
The benchmark Canadian index eyes a near 8% rise for the year, with information technology (.SPTTTK) on track to be the best-performing sector this year.
Global markets have rallied since mid-December when the Federal Reserve hinted at rate cuts next year. However, the Bank of Canada (BoC) did not share a similar outlook.
COMMODITIES AT 7:12 a.m. ET
Gold futures : $2,064.5; +0.2%
US crude : $75.06; -0.7%
Brent crude : $80.58; -0.6%
($1= C$1.3204)
Reporting by Shashwat Chauhan in Bengaluru;Editing by Ravi Prakash Kumar
