- The TSX Composite fell 299 points (-0.82%) to 36,368 on above-average volume, confirming broad-based selling pressure across the index.
- Silver cratered 3.74% to US$63.65/oz (C$88.31), hammering silver producers like First Majestic Silver, which dropped an estimated 4.9% on the day.
- Copper’s 2.10% decline to US$6.4655/lb, driven by weak Chinese industrial output data, pulled base-metal miners Teck Resources and Hudbay sharply lower.
- July Canadian CPI (8:30 AM ET) and U.S. Fed minutes (2:00 PM ET) on Wednesday are the key risk events that could set the tone for Thursday’s open.
The TSX Composite closed at 36,368 on Tuesday, August 18, 2026 — down 299 points, or 0.82% — as a broad commodity selloff punished materials and energy names alike. Volume ran above the 60-day average, signalling conviction behind the decline rather than a thin-summer drift. The S&P 500 fell 0.69% to 7,692 and the NASDAQ led losses on Wall Street, tumbling 1.33% to 26,290 as risk appetite evaporated across North American markets.
Sector Winners: Energy Held Its Ground
With Brent crude edging up 0.09% to US$90.95/bbl (roughly C$126.20/bbl at today’s 1.3874 exchange rate), integrated energy producers were the session’s relative safe harbour. Canadian Natural Resources (CNQ) and Suncor Energy (SU) both outperformed the index, each finishing down less than 0.2% while the broader market sank. Pipeline names benefited from Brent’s resilience; Enbridge (ENB) closed essentially flat, providing ballast for the TSX’s income-oriented investors.
Sector Losers: Silver and Copper Crater the Materials Complex
Silver was the session’s sharpest pain point, plunging 3.74% to US$63.65/oz (C$88.31/oz). That move hammered silver-heavy producers: First Majestic Silver (AG.T) shed an estimated 4.9%, among the steepest single-stock declines on the TSX today. Copper’s 2.10% drop to US$6.4655/lb (C$8.97/lb) was nearly as damaging, pulling base-metal miners sharply lower. Teck Resources (TECK.B) fell an estimated 3.1% and Hudbay Minerals (HBM) dropped roughly 2.7% as traders unwound bets on near-term industrial demand recovery.
Gold softened but held up comparatively well, easing just 0.44% to US$4,398.30/oz (C$6,103.40/oz). Senior gold producers like Agnico Eagle (AEM) and Barrick Gold (ABX) fell less than 1%, limiting the damage within the broader materials sector.
What Drove the Moves
The catalyst behind today’s metals rout was a combination of stronger-than-expected U.S. dollar momentum and renewed concern over slowing Chinese industrial output data released overnight. China’s July industrial production figures came in below consensus, directly pressuring copper — the metal most sensitive to factory-floor demand — and dragging silver lower as its industrial-use premium unwound. WTI crude dipped 0.47% to US$84.10/bbl (C$116.72/bbl) in sympathy, though the WTI-Brent spread widening to nearly US$6.85 cushioned some Canadian heavy-oil differentials. The NASDAQ’s 1.33% decline added a risk-off overlay that kept Canadian tech and growth names firmly in the red.
Tomorrow’s Catalysts: What to Watch
Three items deserve attention before Wednesday’s open. First, Statistics Canada releases July CPI at 8:30 AM ET — any upside surprise could force a repricing of Bank of Canada rate-cut expectations and rattle rate-sensitive REITs and utilities on the TSX. Second, the U.S. Federal Reserve releases July meeting minutes at 2:00 PM ET; any hawkish tone will add pressure to gold and growth equities. Third, watch overnight Chinese industrial metals data and the yuan fix — if Beijing signals stimulus, copper and silver could see a sharp reversal at tomorrow’s open. Positions in materials names carry elevated overnight risk.
| Asset | Price | Day Change | CAD Equivalent |
|---|---|---|---|
| TSX Composite | 36,368 | -0.82% | — |
| Gold | US$4,398.30/oz | -0.44% | C$6,103.40/oz |
| Silver | US$63.65/oz | -3.74% | C$88.31/oz |
| WTI Crude | US$84.10/bbl | -0.47% | C$116.72/bbl |
| Copper | US$6.4655/lb | -2.10% | C$8.97/lb |
| USD/CAD | 1.3874 | — | — |
