* TSX ends down 1.1% at 21,979.36
* Posts its lowest closing level since July 2
* Materials sector drops 2.9%
* Technology ends 1.4% lower
Aug 6 (Reuters) - Canada's main stock index fell to a five-week low on Tuesday, weighed by declines for technology and metal mining shares, but the index closed well above its weakest level of the day as some calm returned to global financial markets.
The Toronto Stock Exchange's S&P/TSX composite index ended down 248.27 points, or 1.1%, at 21,979.36, its third straight day of declines and its lowest closing level since July 2.
Earlier in the day, the TSX touched 21,659.26, as investors caught up to a global stock market rout on Monday when the index was closed for a market holiday.
Winding down of yen-funded carry trades and concern the Federal Reserve has waited too long to cut interest rates have spooked investors globally in recent days.
"Canadian stocks didn't go down yesterday because the market was closed, now they're catching up," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Wall Street's main stock indexes rebounded on Tuesday as investors looked for bargains and dovish comments from Fed officials lifted market sentiment.
The Toronto market's materials group, which includes metal miners and fertilizer companies, lost 2.9% as gold prices fell.
Technology declined 1.4% and financials, the TSX's most heavily weighted sector, ended 1% lower.
Energy was down 0.4% even as the price of oil settled 0.4% higher at $73.20 a barrel.
Nine of the TSX's 10 main sectors lost ground. The exception was real estate, which ended nearly unchanged.
Analysts say the sector could benefit from the recent drop in borrowing costs. (Reporting by Fergal Smith in Toronto and Purvi Agarwal in Bengaluru; Editing by Vijay Kishore and Alistair Bell)
