Bay Street Seen Opening On Positive Note

(RTTNews) - Canadian shares may open higher Tuesday morning with the materials sector likely to attract buyers thanks to a strong rally by metal prices. Energy stocks may also move higher as oil prices are steady amid renewed concerns about geopolitical tensions.

Still, the market may find it tough to sustain higher levels as trading volume is likely to remain thin with traders staying away on the sidelines ahead of New Year's Day holidays.

Russia-Ukraine ceasefire optimism has faded following intense mutual attacks between Russia and Ukraine on each other's energy infrastructures.

Canadian stocks edged lower on Monday as several geopolitical conflicts forced investors to take measured steps on the last week of this year.

The benchmark S&P/TSX Composite Index traded firmly negative throughout the session before settling at 31,896.59, down by 103.17 points or 0.32%.

Asian markets ended mixed. Market spotlight remained on the minutes of the FOMC scheduled for release later in the day. Investors also focused on the geopolitical developments related to China, the Middle East as well as the Russia-Ukraine conflict.

The major European markets have moved modestly higher, supported by gains in mining and bank stocks. However, trading volumes remain thin with investors staying on the sidelines ahead of New Year holidays.

In commodities trading, West Texas Intermediate crude oil futures are up $0.23 or 0.4% at $58.31 a barrel.

Gold futures are gaining $73.50 or 1.7% at $4,417.10 an ounce, while Silver futures are gaining $5.135 or 7.29% at $75.590 an ounce. Copper futures are up $0.143 or 2.57% at 5.7084 per pound.