TSX rebounds as key Canadian commodities escape new US tariffs

Toronto, July 21 (Reuters) - Canada's main stock index rallied by the most in nearly six weeks on Tuesday, with resource stocks leading the gains as commodity prices rose and the U.S. left out energy and critical minerals from a list of proposed new tariffs on Canadian goods.

The S&P/TSX Composite Index .GSPTSE ended up 408.76 points, or 1.2%, at 35,369.08, after three straight days of declines.

• Wall Street's main indexes also rose as a recovery in semiconductor shares helped shift the focus away from the latest developments in the Middle East, while investors awaited major tech earnings for clues on the future of the AI trade.
• Canadian Prime Minister Mark Carney said he and U.S. President Donald Trump agreed to intensify trade negotiations after speaking on Tuesday, but warned he would consider all options if the tariffs Trump threatened on Monday go ahead.
• "It does help the Canadian investment landscape the fact that, one, there is still only a narrow set of exports that are targeted and, two, that there are carve outs for the energy and other commodities that we ship to the United States on a usual basis," said Bipan Rai, head of ETF and alternatives strategy at BMO Global Asset Management.
• The materials group .GSPTTMT, which includes metal mining shares, jumped 5% as gold XAU= and copper prices climbed. Hudbay Minerals Inc HBM.TO was among the biggest advancers, with its shares gaining 10.5%.
• Energy .SPTTEN added 2.2%. The price of oil CLc1 settled 2% higher at $84.91 a barrel on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the U.S. and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthis.
• Shares of electronic equipment company Celestica Inc CLS.TO climbed 11.1%, which helped lift technology .SPTTTK by 0.8%.