| Scotiabank's Commodity Price Index rose by 1.6% month over month (m/m) in March, after edging down in February, and inched up slightly in the first quarter of 2013 from the fourth-quarter average. However commodity markets remain skittish, with a sharp selloff in gold in mid-April and softer base metal prices, after the release of China's slower-than-expected first-quarter GDP advance, 7.7% year over year (yr/yr), down from 7.9% in 2012:Q4.
"Firmer overall prices in March were likely a surprise to financial markets," said Patricia Mohr, Scotiabank's Vice President of Economics and Commodity Market Specialist. "The advance was led by the Oil and Gas Index (+6.8% m/m), with gains in Western Canadian Select (WCS) heavy oil, natural gas export prices from Canada to the U.S. and liquefied petroleum gas (LPG) prices in Edmonton and Sarnia." (Press Release)
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