• TSX ends up 0.6% at 21,970.11
• Commodity-linked shares gain
• Oil settles 2.8% higher
• Gold and copper prices climb

March 13 (Reuters) - Canada's commodity-linked main index advanced on Wednesday for a third straight day, benefiting from higher commodity prices and the continued expectation that central banks will move this year to lower interest rates.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 139.09 points, or 0.6%, at 21,970.11, its highest closing level since April 2022.

"There is still momentum here ... despite the fact that we haven't seen rate cuts, I think the market has come to an appreciation that we're at peak rates," said Sadiq Adatia, Chief Investment Officer, BMO Asset Management.

Investors have stuck with bets that the Federal Reserve and Bank of Canada will begin interest rate cutting campaigns in the coming months despite data on Tuesday showing a faster pace of U.S. inflation.

The continued strength of the jobs market, which can discourage rate cuts, has also been a tailwind for the market, Adatia said.

The materials group, which includes precious and base metals miners and fertilizer companies, rose 3% as gold and copper prices climbed. The move for copper came as Chinese smelters, which process half of the world's mined copper, agreed on a joint production cut.

The price of oil also rose, settling 2.8% higher at $79.22 a barrel. That helped lift the energy sector to a 1.7% gain, while technology added 0.8%.

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https://www.reuters.com/markets/tsx-futures-signal-subdued-start-traders-await-more-rate-cut-cues-2024-03-13/