• TSX ends down 0.4% at 26,903.57
• Materials group falls 3.5% as gold price declines
• Tech loses 0.9% with Shopify down 3.4%
• Energy adds 2.1% as oil settles 0.6% higher

July 8 (Reuters) - Canada's main stock index fell on Tuesday for a second straight day as a drop in gold prices weighed on metal mining shares and after U.S. President Donald Trump said he would impose a hefty tariff on copper imports.

The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 116.71 points, or 0.4%, at 26,903.57, extending its pullback from a record closing high on Friday.

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Trump said he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Canada is among the top suppliers of copper to the United States.

U.S. copper futures jumped more than 10%, but gold was down 1%.

"We've got gold off and that's keeping the miners down," said Philip Petursson, chief investment strategist at IG Wealth Management.

"Gold being down is outweighing any benefit from copper being up and I think also the market could just be reacting in a knee jerk fashion to what Trump is saying."

The materials group, which includes metal mining shares, fell 3.5%. Technology was also a drag, losing 0.9%, with shares of e-commerce company Shopify (SHOP.TO) , opens new tab down 3.4%.

Not all sectors lost ground. Energy added 2.1% as the price of oil settled 0.6% higher at $68.33 a barrel on forecasts for less U.S. oil production and after renewed Houthi attacks on shipping in the Red Sea.

Communication stocks were another bright spot, with BCE (BCE.TO) , opens new tab Inc rising 2.7% and Rogers Communications Inc (RCIb.TO) , opens new tab ending 1.4% higher.

https://www.reuters.com/markets/europe/tsx-futures-rise-new-us-tariff-proposals-focus-2025-07-08/