Sept 22 (Reuters) - Futures tracking Canada's resource-heavy benchmark index inched higher on Tuesday as investors awaited potential US-Iran talks at this week's UN meeting, while softer commodity prices capped gains.
December futures on the S&P/TSX index were up 0.1% at 2120.70 points by 05:56 a.m. ET (0956 GMT).
Iran's President Masoud Pezeshkian, along with several world leaders, is set to participate in the United Nations General Assembly later this week.
Markets are closely watching a potential meeting between Pezeshkian and US President Donald Trump, looking for any breakthrough to ease the six-month-old geopolitical conflict that has fueled inflationary pressures, disrupted global supplies and prompted major central banks to raise interest rates.
Oil prices turned lower after a Kyodo report said Iran offered to reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure.
Gold also fell on expectations of interest rates staying higher for longer, with investors awaiting comments from US Federal Reserve officials for policy clues.
Canada's main stock index closed at an over one-week high on Monday, buoyed by gains in technology (.SPTTTK), and financial (.SPTTFS), stocks.
Investors will be on the lookout for retail sales data due later this week for cues on the health of the Canadian consumer.
Meanwhile, Bank of Canada Governor Tiff Macklem warned on Monday that US tariffs could push Q4 growth below 1%, adding that future rate decisions will need to navigate slowing growth alongside surging energy costs from the Iran conflict.
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Reporting by Darshan Kumar and Avinash P in Bengaluru; Editing by Diti Pujara
