Bay Street Turns Cautious, Resource Stocks Plunge -- Canadian Commentary

(RTTNews) - Canadian stocks fell Tuesday, with energy and metal producers trimming recent gains amid concerns about global demand.

Disappointing economic news from China and worries about another winter lull in the U.S. had markets in a skittish mood today.

The S&P/TSX Composite Index slipped 119.63 points to 13,844.73, extending Friday's minsicule losses.

The Energy Index dropped 2.6 percent, as crude oil prices continued to fall.

Global demand growth is expected to slow from its five-year high of 1.8 mb/d in 2015 to 1.2 million barrels per day (mb/d) in 2016, the EIA said.

November oil fell 44 cents, or 0.9 percent, to settle at $46.66/bbl on Nymex.

The Diversified Metals and Mining Index plunged 6.25 percent as copper and platinum prices dropped. First Quantum Mineral (FM.TO) lost 10 percent.

Denison Mines Corp. (DNN, FCUUF.PK, DML.TO) and Fission Uranium Corp. (FCU.TO) have terminated their merger agreement.

Consumer staples rose 1.9 percent, a sign that investors are getting defensive after last week's rally in global equities.