TSX heads for higher open on rising metal prices

U.S. futures were higher ahead of the latest readings on American consumer confidence and durable goods orders.

The Dow Jones industrial futures gained 43 points to 13,012, the Nasdaq futures were up 10.25 points to 2,618.25 while the S&P 500 futures rose 5.2 points to 1,372.5.

Bank of Montreal kicked off the big banks’ quarterly reporting season by handing in first-quarter profits which rose 34% to $1.1 billion or $1.63 a share. The bank benefited from its major expansion into the U.S. with the recent acquisition of Milwaukee-based Marshall & Ilsley Corp. On an adjusted basis, earnings were $1.42 per share, beating analyst estimates by six cents. Revenue increased to $4.12 billion from $3.47 billion.

BMO profit rises to $1.1 billion in Q1

TD Bank (TSX:TD), Royal Bank (TSX:RY) and National Bank (TSX:NA) all report on Thursday.

Copper prices continued to surge with the March contract up four cents to US$3.92 a pound. Prices for the metal are up about 3.5% this month on signs of improving economic growth in the U.S. and hopes that China will further relax lending standards to encourage growth. China is the world’s biggest consumer of the metal.

Bullion prices also advanced as the April contract rose $6.70 to US$1,781.60 an ounce.

Oil prices dipped for a second day with the April crude contract on the Nymex down a dime to US$108.46 a barrel.

Crude has jumped 13% this month, largely over concerns about Iran’s nuclear program and the worry about supply disruptions from the Mideast. The sudden surge has raised concerns about how higher crude prices could affect the U.S. economic recovery, pressure corporate earnings and worsen a European recession.

In other earnings news, SNC-Lavalin Group Inc. (TSX:SNC) is cutting its 2011 profit forecast by 18% as it delays the release of its fourth-quarter and full-year financial results.

Ritchie Bros. Auctioneers Inc. (TSX:RBA), the world’s largest auctioneer of industrial equipment, reported its net profits rose to US$76.6 million, or 72 cents a share for 2011. That compared to net earnings of US$65.7 million or 61 cents in 2010. Ritchie said its fourth quarter profits more than doubled to $26.8 million.

European markets were positive with London’s FTSE 100 index up 0.17%, Frankfurt’s DAX rose 0.5% and the Paris CAC 40 climbed 0.43%.

Earlier in Asia, the Nikkei 225 index in Tokyo rose 0.9% to its highest close since Aug. 2, after battling back from a lower opening a day after struggling computer chipmaker Elpida Memory Inc. filed for Japan’s biggest-ever manufacturing bankruptcy.

Elsewhere, markets took comfort from U.S. data that showed a slowly improving housing market. The National Association of Realtors said its index of sales agreements rose two per cent last month to a reading of 97, the highest since April 2010. A reading of 100 is considered healthy.

Hong Kong’s Hang Seng jumped 1.7%, South Korea’s Kospi added 0.6% while Australia’s S&P/ASX 200 fell 0.1%.

Mainland Chinese shares were mixed, with the benchmark Shanghai Composite Index up 0.2% to its highest close in more than three months. The Shenzhen Composite Index for China’s second, smaller stock market lost 0.6%.