The Prospector News

Commodity Prices Gain Ground in June, but Retreat in July: Scotiabank

You have opened a direct link to the current edition PDF

Open PDF Close
Industry Analysts

Share this news article

Commodity Prices Gain Ground in June, but Retreat in July: Scotiabank

 

 

 

 

 

Scotiabank’s Commodity Price Index rebounded further in June — up +2.6% month-over-month (m/m) and +9.5% from the March 2015 low.

 

 

“In March, commodity prices plunged to the lowest level since January 2007 alongside a lacklustre global economy, with GDP growth in 2015 likely climbing at a subdued pace for the fourth consecutive year,” said Patricia Mohr, Vice President of Economics and Commodity Market Specialist at Scotiabank. “In addition, fierce competition for market share in oil and iron ore as well as a very strong U.S. dollar depressed gold and overall dollar-denominated commodity prices. However, a moderate rebound in oil prices — both international and domestic — lifted the All Items Index in the second quarter.

 

 

“Commodity prices corrected again in early July alongside a trifecta of negative developments — concern over the fallout on the Euro zone of the Greek debt situation, the sharp correction in China’s equity markets (-32% from peak to trough), and the prospect of an eventual return of Iran’s oil to world markets, following the nuclear accord (unlikely before 2016).”

 

 

Other highlights from the report include:

 

  • A Special Feature on Canadian Petroleum Refining, which has seen a declining bilateral trade surplus with the U.S.
  • How the reversal of Enbridge’s Line 9B pipeline and TransCanada’s proposed Energy East pipeline will boost the financial viability and competitiveness of refineries in Quebec and Atlantic Canada.
  • U.S. housing permits have jumped to the highest level since July 2007, boding well for lumber and OSB prices.

 

 

Read the full Scotiabank Commodity Price Index online at: http://www.scotiabank.com/ca/en/0,,3112,00.html.

 

 

 

Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

 

 

About Scotiabank

 

Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 86,000 employees and assets of $837 billion (as at April 30, 2015).

 

Posted July 27, 2015

Share this news article

MORE or "INDUSTRY ANALYSTS"


Mickey Fulp - Mercenary Alert: Is Zinc Still a Four-Letter Word?

Read the Report Here Mercenary Alert: Is Zinc Still a Four-Letter Word? ... READ MORE

June 15, 2017

Top 10 Financings of May 2017

May saw 125 financings close in the Canadian financial markets for C$366.5 million including 64 fina... READ MORE

June 15, 2017

ORENINC INDEX jumps as gold gets political again

ORENINC INDEX – Monday, June 12, 2017 North America’s leading junior mining finance data provide... READ MORE

June 13, 2017

The Week of June 5th to June 11th, 2017 "A Brief Look Back Into Tomorrow"

The new North American trading week began on Monday June 5th with... READ MORE

June 12, 2017

The Week of May 29th to June 4th, 2017 "A Brief Look Back Into Tomorrow"

The new North American trading week began on Monday, May 29th wit... READ MORE

June 6, 2017

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions