Canadian Stocks Drop As Brent Crude and Copper Prices Plummet, February 5

Canadian equities closed sharply lower on February 5, 2026, as global commodities prices tumbled. The S&P/TSX Composite fell 2.3% to 18,450.3, with energy and materials sectors leading the decline. Brent crude crude oil prices dropped 12% to $78 per barrel, and copper prices fell 15% to $3,650 per metric tonne by late afternoon. The plunge in oil and metals, driven by weaker demand outlooks and reduced OPEC+ production cuts, pressured energy and mining companies, contributing to the broader market's weakness.