31.07.2013 - Scotiabank's Commodity Price Index drops back in June
After rallying in May, Scotiabank's Commodity Price Index fell by 4.1% month-over-month (m/m) in June - the sharpest decline since late 2012. "The Index will be underpinned in July by a return to stronger oil prices in Western Canada and the beginning of another upswing in lumber and oriented strandboard (OSB) prices, after a sharp, seasonal inventory correction," said Patricia Mohr, Scotiabank's Vice President of Economics and Commodity Market Specialist. "The All Items Index remains 1.7% above a year earlier, with Oil & Gas up +17.8%, Forest Products +1.5% and Agriculture +0.1% just offsetting a -13.6% decline in Metals & Minerals." (Press Release)