06.08.201403:38:08UTC+00Canadian stocks on three-week low on Ukraine turmoil

Canadian stocks dropped to its lowest in three weeks due to the escalating tension over at Ukraine and the slowing of Chinese service industries that drove a decline in commodities.

The Standard & Poor’s/TSX Composite Index shed 0.2% or 27.55 points to 15,187.71, 4:00 pm, Toronto time. The gauge last saw this low of a close last July 15 of this year before recovering to a record close last July 30 same year. Yesterday the index was closed for the Ontario holiday.

Copper and gold producer, Imperial Metals Corp., plummeted 39 % after the company’s waste storage facility in Mount Polley Mine in British Columbia was reportedly breached. Mining companies took the lead in dragging the Canadian market down with Lundin Mining Corp. and Copper Mountain Mining Corp. shedding more than 1.5% on copper went into its largest decrease in eight weeks. Silver are also in negative territory with Silver Standard Resources Inc. losing 4.6%. Crude is with the general downward trend as it approached a six-month low with Bonavista Energy Corp. falling by 5%, leading the lag in oil producers.

Russian President Vladimir Putin has commanded a response to the US and European sanctions with an expansion for the Russian troops on the Ukraine border that may be an indication that Putin plans on an invasion according to the warnings of Poland’s foreign minister.