- The TSX Composite closed at 35,650, up 0.37%, led by materials and energy sectors amid a broad commodity rally.
- Gold rose 0.96% to US$4,196.60/oz (≈ C$5,980/oz) and silver surged 1.47% to US$61.77/oz, lifting miners sharply higher.
- Brent Crude broke above US$100/bbl (+0.78%) while WTI settled at US$89.91/bbl, boosting Canadian oil producers’ share prices.
- Rate-sensitive REITs and utilities lagged as rising commodity prices nudged bond yields higher, pressuring yield-proxy equities.
Toronto, October 6, 2026 — 4:45 PM ET: The S&P/TSX Composite Index closed at 35,650, up 131 points (+0.37%) on the session, capping a broadly constructive Tuesday for Canadian equities. Volume came in modestly above the 30-day average, a sign that conviction accompanied today’s move rather than thin-market drift. The TSX outperformed its American counterparts on a relative basis — the S&P 500 gained 0.58% to 7,819 and the NASDAQ added 0.45% to 27,600 — but Canada’s commodity-heavy index had the clearest narrative: hard assets led the charge.
Winners: Materials and Energy Dominate the Leaderboard
Gold miners were the standout story of the session. Spot gold surged to US$4,196.60 per troy ounce (+0.96%) — roughly C$5,980/oz at the prevailing USD/CAD rate of 1.4250 — pushing large-cap royalty names and senior producers sharply higher. Silver joined the rally with an even stronger print, climbing 1.47% to US$61.77/oz (≈ C$88.02/oz), a level that lit up junior silver explorers on the TSX Venture. The materials sector was the day’s top performer, adding an estimated 1.1% on a sector basis.
Copper’s breakout added fuel to the base-metals trade. LME copper jumped 1.12% to US$6.6595/lb, a move that buoyed copper-focused producers and provided a tailwind for diversified miners with exposure to the red metal. Infrastructure-linked demand narratives — centred on AI data-centre buildout and energy-transition spending — continue to underpin the bull case for copper at these levels.
Energy was the second-best sector on the day. WTI crude settled at US$89.91/bbl (+0.54%) and Brent Crude pushed through the psychologically significant US$100 mark, settling at US$101.10/bbl (+0.78%). Canadian heavy-oil producers, whose realizations track WTI with a differential, saw their shares respond positively. The loonie’s relative softness — USD/CAD holding at 1.4250 — provides an additional tailwind for Canadian exporters priced in U.S. dollars.
Losers: Rate-Sensitive Sectors Lag
Utilities and REITs were the session’s notable laggards. With commodity inflation resurgent — gold, silver, crude, and copper all moving higher simultaneously — bond markets repriced slightly hawkish, nudging yields upward and applying pressure to yield-proxy equities. Canadian real estate investment trusts saw modest selling, with the sector broadly off an estimated 0.4–0.6% on the day. Pipelines were mixed, with some names holding up on crude strength while others tracked the yield move lower.
What Drove the Day
The dominant macro catalyst was a weaker-than-expected U.S. dollar index, which slid on renewed speculation that the Federal Reserve is closer to the end of its current tightening cycle than previously anticipated. A softer greenback is the classic accelerant for commodity prices denominated in USD, and today’s simultaneous rally across gold, silver, copper, and crude is a textbook expression of that dynamic. No major Canadian economic data was released today, leaving the TSX to trade off global risk-appetite and commodity cues.
Tomorrow’s Watchlist
| Event | Time (ET) | Why It Matters |
|---|---|---|
| U.S. FOMC Meeting Minutes | 2:00 PM | Tone on rate trajectory; key for gold and bond proxies |
| Canada Ivey PMI (Sept.) | 10:00 AM | Gauge of domestic business activity; CAD-sensitive |
| EIA Weekly Crude Inventories | 10:30 AM | Direction check for WTI; pivotal for energy names |
| Overnight: China Trade Data | Pre-market | Copper and iron ore demand signal from the world’s top consumer |
Bottom line: Tuesday delivered exactly what TSX bulls needed — a commodity-led rally with real volume behind it and a coherent macro story. Watch the FOMC minutes tomorrow afternoon for any language that could cool the metals trade, and keep an eye on China’s overnight trade numbers for a read on whether copper’s 1.12% gain has legs. Brent Crude holding above US$100 is a level that will focus minds in the energy patch before Wednesday’s open.
