Commodities Lead TSX Lower Yet Again -- Canadian Commentary

(RTTNews) - Canadian stocks fell again Wednesday, extending May's losses amid lower metals prices and downbeat economic news from the U.S.

Traders paid close attention to developments in Canada, where boomtown Ft. McMurray was evacuated due to an approaching wildfire.

The S&P/TSX Composite Index was down 75.68 points, or 0.55 percent, to 13,632.

The Diversified Metals and Mining Index fell 4.6 percent, while the Gold Index lost 3.2 percent.

June gold dropped $17.40, or 1.4%, to settle at 1,274.40/oz. Silver also tumbled further from yearly highs to $17.30 an ounce.

Energy shares were down fractionally.

WTI oil closed 13 cents, or 0.3%, higher at $43.78/bbl, having touched a 2016 peak above $46 last week.

The latest Energy Information Administration (EIA) weekly inventory report showed US crude oil inventories growing by 2.8 million barrels in the week ending April 29.

Agrium Inc. (AGU.TO) revealed a profit for first quarter that dropped 50 percent compared to the same period last year. The stock was 2.9 percent.

Iamgold's (IAG.TO) quarterly loss was narrower than expected, and the company maintained its 2016 production forecast. Shares rose 1.2 percent.