TSX Closes at 35,503, Up 0.99% as Copper Surge Lifts Miners

TSX Closes Green, Outpacing Wall Street Gains

The S&P/TSX Composite Index settled at 35,503 on Friday, October 2, 2026, adding 348 points (+0.99%) by the 4:00 PM ET close — a result that edged out the S&P 500’s 0.73% advance and trailed only the NASDAQ’s tech-fuelled 1.19% surge. Volume was robust, tracking comfortably above the 30-day average as institutional players rotated into materials and technology names heading into the weekend. The Canadian dollar held steady against a USD/CAD rate of 1.4240, providing a modest tailwind for exporters priced in U.S. dollars.

Winners: Copper Miners and Tech Names Lead the Charge

The day’s clearest winner was the Materials sector, supercharged by copper’s breakout to $6.5865/lb (+1.61%) — its highest level in months. Teck Resources (TECK.B) was among the session’s most-watched names, surging on heavy volume as traders priced in tightening global copper supply amid continued demand signals from Asian manufacturing data. Lundin Mining (LUN) also posted sharp intraday gains, with the copper-heavy producer benefiting directly from the commodity’s move. In tech, Canadian AI and software names rode the NASDAQ’s coattails, with the sector posting gains broadly in the 1.5–2.2% range as risk appetite returned to growth equities.

Silver also contributed to the materials rally, ticking up 0.23% to $60.87/oz (approximately CAD $86.68/oz at current exchange rates), providing further support to diversified precious and base metals producers listed on the TSX and TSX-V.

Losers: Energy Drags as WTI Crude Slides 1.55%

The day’s most notable drag was the Energy sector, punished by WTI crude’s steep decline to $91.43/bbl (-1.55%). Canadian Natural Resources (CNQ) and Cenovus Energy (CVE) both retreated as the WTI selloff more than offset any comfort from Brent’s modest 0.47% rise to $102.79/bbl — a widening Brent-WTI spread that reflects logistical and demand divergences between markets. Gold’s pullback to $4,172.40/oz (-0.71%), equivalent to roughly CAD $5,941.40/oz, pressured senior gold producers including Barrick Gold (ABX) and Agnico Eagle (AEM), which underperformed the broader index despite holding losses to less than 1%.

What Drove the Day: Copper Demand Data and Tech Momentum

The session’s defining catalyst was fresh manufacturing data out of Asia pointing to accelerating industrial activity, which fired up copper futures and cascaded directly into TSX-listed miners. Simultaneously, a stronger-than-expected U.S. labour market report released pre-market — showing continued resilience in hiring without reigniting inflation fears — gave equity bulls the greenlight to push indices higher. The combination of a “soft landing” macro backdrop and a commodity surge created an unusually broad rally, with the majority of TSX sub-sectors closing in positive territory. WTI’s decline was attributed to profit-taking after crude’s recent multi-week run and inventory build data from the EIA’s weekly report.

What to Watch Next: Data, Earnings, and Overnight Signals

Heading into Monday, October 5, traders will be focused on Canada’s September Labour Force Survey, due before the open, which will be critical in shaping Bank of Canada rate-cut expectations for October. Overnight, watch for any weekend developments in Asian commodity markets — particularly copper and iron ore — that could set the tone for the TSX materials open. On the earnings front, several mid-cap TSX energy names are slated to report Q3 preliminary production figures early next week. In the U.S., Federal Reserve speakers are scheduled Monday, and any hawkish surprise could pressure both the NASDAQ and Canadian tech names. Gold’s ability to hold the $4,150/oz support level over the weekend will be a key tell for precious metals sentiment heading into next week.