CANADA STOCKS-TSX futures fall as commodity prices slip

Jan 31 (Reuters) - Futures for Canada's resources-heavy main stock index fell on Tuesday as commodity prices edged lower, while investors waited for Canadian GDP data to gauge the state of the economy.

Futures on the S&P/TSX index were down 0.4% at 6:15 a.m. ET after the benchmark on Monday posted its biggest single-day drop since the start of the year.

The mood appeared to be glum on Wall Street too, with all the three major U.S. stock index futures indicating a lower open.

Oil prices fell about 1% as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China.

Gold prices fell to their lowest levels in more than one week as the dollar firmed, while copper prices also declined.

Materials and energy companies have a combined weightage of about 31% on the main index.

Canadian GDP data, due 8:30 a.m. ET, is expected to show the economy grew 0.1% in November.

Investors are awaiting monetary policy decisions from the U.S. Federal Reserve, the European Central Bank (ECB) and the Bank of England (BoE) this week for clues on the trajectory of interest rates.

The Bank of Canada raised its lending rate by an expected 25-basis points last week and said it would likely hold off on further increases for now.

In earnings, Imperial Oil will report results before markets open. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Sriraj Kalluvila)