| Scotiabank’s Commodity Price Index posted its first monthly loss in July since February. The index was down 1% from June as metals strength (+4.6% month over month) was overwhelmed by weakness in the Oil & Gas (-4.7%) and Agriculture (-5.2%) segments.
Virtually all base and precious metals saw gains last month. Nickel prices gained 15% over June thanks to nickel ore supply concerns in the Philippines, while zinc prices gained 9% due to supply constraints. Copper rose 5%, “but the outlook remains lackluster given the absence of any sustained supply response and weaker global demand prospects,” says a Scotiabank report on the commodity index...............................................Full Article: Source
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