June futures on the S&P/TSX index were up 0.3% at 6:46 a.m. ET (1046 GMT).

U.S. futures also rose ahead of inflation data that is expected to show prices cooled in May, supporting bets that the Fed could skip raising interest rates this month. [.N]

But most banks expect the Fed to prepare markets for a hike in July.

Separately, analysts are also betting on another rate hike by the Bank of Canada in July.

Despite the fastest monetary tightening cycle in the country's history, Canada's economy is still running hot, which had forced the central bank to crank its key interest rate even higher to a 22-year high of 4.75% last week.

Copper prices inched higher on Tuesday after top metals consumer China cut borrowing costs for the first time in 10 months to prop up its economic growth. Gold prices rose on a softer dollar. [GOL/][MET/L]

Oil prices also ticked up on apparent bargain hunting, recovering some ground from the previous day's plunge. [O/R]

The Toronto Stock Exchange's S&P/TSX composite index ended 0.2% up in the previous session, helped by the technology sector.

In company news, Nippon Steel remains interested in Teck Resources' steelmaking coal assets, a spokesperson said on Tuesday, adding that talks continue despite Glencore's latest offer for the Canadian miner's coal business.

COMMODITIES AT 6:46 a.m. ET

Gold futures: $1,967; +0.3% [GOL/]

US crude: $68.33; +1.82% [O/R]

Brent crude: $73.27; +2.0% [O/R]

U.S. ECONOMIC DATA DUE ON TUESDAY

Consumer Price Index at 8:30 a.m. ET

($1 = 1.3355 Canadian dollars)

(Reporting by Shubham Batra in Bengaluru; Editing by Shilpi Majumdar)