- The TSX Composite closed at 35,506, down 1.11%, driven by a severe selloff in materials and precious metals that outweighed energy sector gains.
- WTI crude surged 7.17% to US$102.94/bbl on a surprise U.S. inventory draw, lifting Canadian energy producers like Cenovus and CNQ by roughly 4–5%.
- Silver plummeted 5.63% to US$64.11/oz and copper fell 4.19% to US$6.5185/lb, marking some of the steepest single-day losses for metals in over a year.
- Friday’s U.S. CPI release at 8:30 AM ET and any overnight OPEC+ signals are the top catalysts to watch before the weekend close.
The TSX Composite closed at 35,506 on Thursday, down 1.11% — roughly 400 points — in what was one of the index’s sharpest single-session declines in recent months. Trading volume ran above the 90-day average as institutional sellers rotated out of materials and miners in force, overwhelming a strong tailwind from the energy patch. South of the border, the S&P 500 fell 0.58% to 7,592 and the NASDAQ dropped 0.65% to 26,082, signalling broad risk-off sentiment that Toronto could not escape.
Energy: The Day’s Lone Bright Spot
WTI crude exploded 7.17% higher to US$102.94 per barrel (approximately CA$142.22 at the prevailing USD/CAD rate of 1.3816), while Brent climbed 6.92% to US$108.21. The catalyst: a surprise draw in U.S. EIA weekly crude inventories, combined with renewed Middle East supply disruption fears, sent traders scrambling to cover short positions. Canadian integrated producers and oil-sands names were the standout winners of the session, with the TSX’s energy sub-index posting gains well into the green even as the broader index bled out. Cenovus Energy (CVE) and Canadian Natural Resources (CNQ) led the charge, each adding roughly 4–5% on the day as traders priced in sustained triple-digit crude.
Losers: Metals and Miners Take the Brunt
Silver was the session’s most dramatic casualty, collapsing 5.63% to US$64.11/oz (CA$88.55) — its worst single-day percentage drop in over a year. The move wiped significant value from primary silver producers listed on the TSX and TSX-V. Copper fared little better, sliding 4.19% to US$6.5185/lb, pressuring base-metal miners and sending shockwaves through copper-leveraged names. Gold was not immune either, retreating 1.22% to US$4,362.20/oz (CA$6,025.77), dragging senior gold producers lower. First Majestic Silver (FR) was among the hardest hit on the TSX, while copper-exposed names like Teck Resources (TECK.B) saw outsized selling pressure as the base-metals complex unwound sharply.
What Drove the Day
The commodities divergence tells the real story of September 10. A stronger-than-expected U.S. Producer Price Index (PPI) print released at 8:30 AM ET rekindled fears that the Federal Reserve will hold rates higher for longer, hammering industrial metals that are sensitive to global growth expectations. Meanwhile, the simultaneous crude surge created a split-screen market: energy bulls celebrating triple-digit oil while materials investors absorbed losses not seen in months. The USD/CAD rate held steady at 1.3816, offering little cushion for Canadian commodity exporters translating U.S.-dollar losses.
| Asset | Price (USD) | Price (CAD) | Day’s Change |
|---|---|---|---|
| TSX Composite | — | 35,506 | -1.11% |
| WTI Crude | $102.94/bbl | $142.22/bbl | +7.17% |
| Gold | $4,362.20/oz | $6,025.77/oz | -1.22% |
| Silver | $64.11/oz | $88.55/oz | -5.63% |
| Copper | $6.5185/lb | $9.005/lb | -4.19% |
What to Watch Tomorrow
Friday’s session will be shaped by three key catalysts. First, the U.S. Consumer Price Index (CPI) for August drops at 8:30 AM ET — after today’s hotter PPI, a firm CPI print could accelerate the metals selloff and further pressure rate-sensitive TSX sectors. Second, watch for any OPEC+ commentary overnight; with WTI now above $100, producers may signal production adjustments that cap crude’s momentum. Third, Canadian bank earnings season unofficially kicks into focus next week, so any forward guidance or analyst pre-releases from the Big Six Friday morning could set the tone for financials heading into the weekend. Position sizing into Friday’s close will be telling — this market has a lot to digest.
