Futures for Canada's main stock index dipped in low trading volumes on Wednesday as oil prices receded, while investors awaited more cues on the future path of rate cuts in the U.S. and Canada.

June futures on the S&P/TSX index were down 0.1% at 6:53 a.m. ET (10:53 GMT).

Trading is expected to be muted throughout the day as the U.S. markets are closed.

On the TSX, materials stocks are likely to see another day of gains as copper prices were supported by ore supply shortages and a soft U.S. dollar, but gains were capped by Chinese demand concerns.

On the flip side, energy stocks were poised for declines on easing oil prices, as the market weighed concerns about escalating conflicts against demand worries from rising U.S. crude inventories.

The Toronto Stock Exchange's S&P/TSX composite index ended 0.1% higher on Tuesday, buoyed by resources shares, as it snapped a three-session losing streak.

The benchmark index traded at its lowest level in two months in two out of the last three sessions, as resources shares dragged on the index.

Looking forward, domestic retail sales numbers due on Friday will be in the limelight, guiding expectations of further rate cuts by the Bank of Canada in the year.

The central bank indicated at its last decision, where it trimmed borrowing costs and became the first G7 country to do so, that more cuts would be gradual and data-dependent.

Meanwhile, lower-than-expected growth in retail sales in the U.S. on Tuesday revived some hopes of the Federal Reserve commencing its easing cycle in September.



Gold futures: $2,331.6; -0.1%

US crude: $81.37; -0.3%

Brent crude: $85.18; -0.2%

(Reporting by Purvi Agarwal in Bengaluru; Editing by Janane Venkatraman )