May 7 (Reuters) - Futures for Canada's main stock index edged higher on Thursday, supported by rising expectations of a near‑term peace deal between the United States and Iran.
June futures on the S&P/TSX index were up 0.1% at 6:37 a.m. ET (1037 GMT).
The United States and Iran are edging toward a limited, temporary agreement to halt their war, sources and officials said, with the emerging plan centering on a short-term memorandum rather than a comprehensive peace deal.
Oil prices fell around 2% to below $100 a barrel as the peace deal could bring a gradual reopening of the Strait of Hormuz.
Spot gold and silver rose 0.9% and 3.9% each as concerns over inflation and prolonged high interest rates eased.
The Toronto Stock Exchange's S&P/TSX Composite Index (.GSPTSE), rose to a two-week high on Wednesday as optimism grew over a possible end to the war in the Middle East, with gains in financials and metal mining shares offsetting declines in energy.
On the earnings front, oil and gas producer Canadian Natural Resources (CNQ.TO), surpassed expectations for first-quarter profit on the back of higher output.
Natural gas solutions firm Enerflex's (EFX.TO), first-quarter revenue rose 6% on engineered systems strength, while packaging and tissue maker Cascades' (CAS.TO), quarterly sales slightly missed analysts' expectations.
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Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Vijay Kishore
