Canada's main stock index retreated on Tuesday as lower commodity prices weighed on mining and energy shares, while the industrial and financial services groups also lost ground.

Copper, gold and oil were among a string of commodities to trade lower, pressured by rising copper inventories and U.S. oil production levels as well as expectations for a U.S. interest rate hike this month.

"It appears that both oil and copper have rolled over from a technical analysis perspective, which has caused the TSX to decline," said Robert McWhirter, president and portfolio manager at Selective Asset Management Inc.

Copper prices declined 1.5 per cent to US$5,772.85 a tonne, U.S. crude prices settled 6 cents lower at $53.14 a barrel and the Toronto Stock Exchange's S&P/TSX composite index closed down 20.97 points, or 0.13 per cent, at 15,608.78.

Still, the index has gained 2.1 per cent this year after climbing 17.5 per cent in 2016. In February, it posted a record high of 15,943.09.

"In spite of any near term grinding that's going on in the stock market, we still think that we've got another two years ahead of us (of rising stock prices)," McWhirter said.

"You only usually run into trouble when short-term interest rates are higher than long-term interest rates. At the moment that yield inversion hasn't happened."

Eight of the index's 10 main groups ended in negative territory on Tuesday, with the materials group, which includes precious and base metals miners and fertilizer companies, losing 0.6 per cent.

First Quantum Minerals Ltd (FM.TO) fell 3.8 per cent to $14.26 and Lundin Mining Corp (LUN.TO) was down 4.4 per cent at $7.84.

Enbridge Inc's (ENB.TO) Line 2A pipeline in Alberta, which was shut after a leak, will return to normal operations on Friday, according to a company notice to shippers seen by Reuters.

Its shares rose 1.6 per cent to $56.13, but the overall energy group fell 0.5 per cent.

Brookfield Asset Management Inc (BAMa.TO) added 0.5 per cent to $48.45 after saying it would take control of two SunEdison units for US$2.5 billion.

But the financials group dipped 0.1 per cent, while industrials retreated 0.5 per cent, with Bombardier Inc (BBDb.TO) down 4.3 per cent to $2.23, its lowest close this year.

Valeant Pharmaceuticals International Inc (VRX.TO) fell 5.8 per cent to $15.70 after Deutsche Bank cut its target price on the stock.

Canada posted its third consecutive monthly trade surplus in January in another signal that the economy is gaining momentum.