June 5 (Reuters) - Futures for Canada's main stock index inched higher on Wednesday ahead of the crucial interest rate decision by the Bank of Canada, while oil continued its slide on an expected supply boost later in the year.
June futures on the S&P/TSX index were up 0.1% at 6:22 a.m. ET (10:22 GMT).
Commodity-linked stocks, particularly from the energy sector, have dragged the Toronto markets down this week on sliding oil prices, but utilities shares have limited declines in the hope of interest rate cuts this year.
All eyes will be on the Canadian central bank at 0815 ET, where it is widely expected to trim interest rates to 4.75%, for the first time in more than four years. A Reuters poll showed three further cuts this year.
Money markets are betting on an almost 83% chance of a rate cut later in the day.
The loonie was lower against the U.S. dollar and was last at C$1.3682.
Oil prices hovered near four-month lows on the day, which could impact the energy index further, on an expected supply boost later in the year when OPEC+ begins to unwind some output cuts, with markets also digesting U.S. jobs data and higher oil stocks.
Gold prices edged higher, helped by weakness in the U.S. dollar and Treasury yields, while copper prices remained weak due to weak physical demand in top consumer China.
Investors will also closely monitor the private payrolls data from the United States at 0815 ET to gauge the strength of the American labor market.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab ended at a 6-day low on Tuesday as signs of faltering global economic growth pressured commodity-linked stocks.
In company news, waste management giant GFL Environmental, opens new tab(GFL.TO), opens new tab is reported to have hired a financial adviser to review two buyout offers.
COMMODITIES AT 6:22 a.m. ET
Gold futures : $2,339; +0.1%
US crude : $73.14; -0.2%
Brent crude : $77.46; -0.1%
($1= C$1.3682)
Reporting by Shubham Batra in Bengaluru: Editing by Tasim Zahid
