Scotiabank commodity price index drops in July

(August 18 – 12:25 ET) – Scotiabank’s Commodity Price Index report, which measures price trends in Canada’s major exports, declined by 1.8% in July. The All Items Index remains 8.6% higher than it was a year earlier and 23.9% above the October 1998 low.

“While pulp prices continued to gain strength in July, the Forest Products Index declined as U.S. lumber and oriented strandboard prices moved lower,” said Patricia Mohr, Vice-President and commodities specialist, Scotia Economics. “Also in July, a moderate rebound in the Metal and Mineral Index was more than offset by seasonal weakness in the Agricultural Index and a temporary dip in oil and natural gas prices.”