(Reuters) - Futures for Canada's main stock index drifted higher on Monday as base and precious metals moved higher, while investors await a week of corporate earnings and the U.S. Federal Reserve's monetary policy decision.

June futures on the S&P/TSX index were up 0.3% at 6:45 a.m. ET (10:45 GMT).

The Toronto Stock Exchange's S&P/TSX composite index ended 0.4% higher on Friday, adding to its weekly gain of 0.7%, with commodity-linked shares gaining appeal in the face of stubborn U.S. inflation. [.TO]

Gold prices rose on a softer U.S. dollar, while copper prices soared to two-year highs, driven by supply concerns highlighted by the BHP Group-Anglo American's potential deal, though signs of sluggish Chinese demand kept prices short of a record peak. [GOL/] [MET/L]

On the flip side, oil prices trended lower after Israel-Hamas peace talks in Cairo tempered fears of a wider conflict in the Middle East. [O/R]

On the radar this week is the U.S. Federal Reserve's next decision on interest rates due Wednesday, following an inflation report on Friday that showed inflation remained in line with estimates.

Data-wise, a monthly reading of the crucial non-farm payrolls data is also due in the U.S. that will provide more detail into the American labor market.

A monthly reading of the gross domestic product (GDP) data in Canada is due on Tuesday, which will provide more insight into the health of the economy.

Economic data in Canada has been in the limelight for investors since Bank of Canada's Governor Tiff Macklem hinted at the possibility of a June cut if the cooling trend in inflation was sustained early in April.

Corporate earnings in Canada will also pick pace with Cargojet, Gildan Activewear and Barrick Gold among others set to report their quarterly figures throughout the week.

In corporate news, brokerage RBC downgraded Enerplus Corp to "sector perform" from "outperform".


Gold futures: $2,354.6; +0.3% [GOL/]

US crude: $83.63; -0.3% [O/R]

Brent crude: $88.95; -0.6% [O/R]

(Reporting by Purvi Agarwal in Bengaluru; Editing by Vijay Kishore)